The Estate Trustees applied to pass their accounts for the Estate of Ingrid Loveman.
A beneficiary objected, alleging the Trustees breached their fiduciary duties by delaying the sale of the estate's primary asset (a house) to one of the Trustees, failing to account for rental income, and improperly charging the estate for litigation and carrying costs.
The court found that the purchasing Trustee preferred his own interests by delaying the house purchase, which caused unnecessary carrying costs and exposed the estate to a dependant's relief claim.
The court ordered the Trustees to personally bear the litigation costs and the carrying costs incurred after a reasonable closing date.
The Trustees were also ordered to account for uncollected rental income.
Trustee compensation was reduced to 1.75% due to these administrative failures.
