An action against a trustee for breach of trust much generally be commenced within two years after (1) the resignation, death or removal of a trustee, (2) the termination of the benericiary's interest, or (3) the termination of the trust. See the Arizona Trust Code at A.R.S. 14-11005. This limitations period can be shortened to one year by sending a report that adequately discloses the the existence of a potential claim for breach of trust and informs the beneficiary of the time allowed for commencing a proceeding. The date the notice is sent is the beginning of the one-year period. Such a report must provide sufficient information for the beneficiary to know, or that would indicate he "should have inquired," of the potential claim.
I hope this information is helpful. Paul Deloughery
(You can contact me directly by email at paul@delougherylaw.com or phone at 602-443-4888. For more information, visit www.delougherylaw.com)
The information in this blog is general in nature and is not intended to address any particular situation.
Friday, March 27, 2009
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