What is difference between agent vs. trustee? Is trustee liable to beneficiary for breach of trust when trust agreement immune

Asked about 1 year ago - New York, NY

Is trustee liable to beneficiary for breach of trust when trust agreement that (beneficiaries not participated) state trustee is never liable for any actions or non-actions?
what is difference between trustee and agent in law?

Additional information

I am asking statutory law/common law vs. contract law. While contract allows trustee not liable to beneficiaries, how does beneficiaries obtain damage awards under statutory/common laws?

Attorney answers (1)

  1. Ruth Elaine McMahon

    Contributor Level 18

    2

    Lawyers agree

    Answered . Generally, an Agent acts under a durable power of attorney during the lifetime of the Principal. A trustee acts under the trust document - and, most likely, can appoint an agent to act re certain assets. All are fiduciaries and owe a duty to the principal and/or grantor. Please consult an estate planning attorney ahd show him or her a copy of the trust for an interpretation of the document.

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