An Unpleasant State of Affairs: Recognizing Trustee Mismanagement of Estates
General Business
March 23, 2011
by
Marc Courey, CPA, JD, LLM, CFE, CICA, CFF, CCEP
Marc Courey, CPA, JD, LLM, CFE, CICA, CFF, CCEP
Director of Litigation Support, Fraud and Forensic Services
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Estates, otherwise known as trusts, are rife with the potential for trustee fraud, abuse and mismanagement. Given today’s economic pressures and the opportunities inherent in the trustee’s oversight responsibilities, the risk that assets may be targeted for inappropriate use are very real.
Most estates are administered outside of court or other supervision and oversight, leaving beneficiaries to monitor and regulate that an estate is being properly administered and its assets properly accounted for and preserved. Even when there is court oversight, it is generally performed at such a high level that wrongdoing can go undetected.
It’s no surprise then that fiduciary litigation is on the rise alongside today’s tough economic times as disputes between beneficiaries and their trustees become more and more commonplace. This is particularly true when substantial amounts of money are involved and family conflict is present.
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Length: 2 pages (PDF 124 kB)