Beneficiaries of trusts have certain rights to the property being held in trust for their benefit. Because of this, suits between beneficiaries and trustees can involve a number of legal issues. One of these is the way the trustee is handling the trust assets. If the trustee fails to exercise his or her legal duties with regard to managing the trust assets, beneficiaries may choose to take legal action against the trustee.
Last month, a Georgia Court of Appeals reversed a decision in a long-time battle between Gary Rollins, Randall Rollins and four children who are beneficiaries of the Rollins family fortune. The ruling means the case will head back to court.
At stake in the case is several billion dollars. The dispute concerns the way in which Gary W. Rollins handles his children’s trusts. The suit began in August 2010 when Glen Rollins and several siblings sued their father, Gary, and uncle, Randall, for the way they had been managing several family trusts. Two days after the suit was filed, Gary Rollins’ wife of almost 45 years, Ruth, filed for divorce.
The suit specifically concerned a trust that had been established for the benefits of the siblings, and dealt with how they were to be paid under the plan, known as the Rollins Perpetual Management Trust. Following the filing of the suit, Glen Rollins was fired from his executive positions with the family business, Rollins Inc., the parent company of Orkin, Inc. and other pest control services.
Disputes like this, which involve deep divisions within the family, can be difficult to deal with, and it pays to have an experienced attorney when seeking resolution in such cases.
Source: Atlanta Business Chronicle, “Rollins family’s trust dispute heads back to court,” Jacques Couret, April 1, 2013