Padgett Law - Indianapolis Estate & Trust Administration Lawyers
When a trust is created, it imposes a solemn obligation on the Trustee to manage the trust and distribute its income in a manner consistent with the terms of the trust and solely in the interests of the named beneficiaries. The law refers to this obligation as a “fiduciary duty.” The trustee must exhibit complete loyalty to the interests of the beneficiaries and conscientious diligence in investing and maintaining trust assets, in accordance with the “Prudent Investor” standard.
At Padgett Law, a substantial portion of our practice has been devoted to advising Trustees concerning the proper interpretation of trust language and compliance with the fiduciary duties that the law imposes. Our clients have included both small and large banks, as well as independent trust companies.
At the same time, when a breach of fiduciary duty has occurred, we have represented individual beneficiaries and other interested persons in litigation brought in order to enforce the Trustee’s duties of loyalty and due care. Indiana law strictly prohibits Trustees from engaging in any transactions which constitute a conflict of interest, and permits actions for damages, lost investment value and attorney’s fees in appropriate cases in which beneficiaries have been harmed by improper management of a trust.
Whether you are a corporate trust officer, an individual Trustee, or a trust beneficiary, you can get your questions answered by contacting us at Padgett Law. Our offices are conveniently located on the north side of Indianapolis, just minutes off of I-465, close to Lebanon, Greenwood, Carmel, Anderson, Zionsville and Avon. Whatever Indiana community you live in, or even if you are outside the state, we can assist you in dealing with your trust issue.
Padgett Law
9000 Keystone Crossing, Suite 230
Indianapolis, Indiana 46240-2148
Telephone: 317-218-0316
Fax: 317-580-4960
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