Legal Articles

Cotrustees: Liability and Administration

With many trusts, particularly family trusts, the settlor (i.e., trust-creator) does not want to appear partial when selecting selecting trustee(s). It is a delicate balance between maintaining harmony while selecting the person(s)/entity that will best serve as a trustee. One common way that the settlor addresses this issue is by selecting cotrustees. Missouri has several…

Missouri Liability for Breach of Trust

Trusts — testamentary, revocable, and irrevocable — all impose fiduciary duties upon a trustee (See: Fiduciary Duties of a Trustee). Whenever a trustee breach his/her fiduciary duty (self-dealing, improper investment, fraud, etc), the beneficiary of the trust has a few separate options. (1) The beneficiary can ratify (i.e., consent) to the transaction, thereby waiving the…

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