Quora Answer: Who Holds the Trustee Accountable in an Irrevocable Trust?

The following is my answer to a Quora question: “Who holds the trustee accountable in an irrevocable trust?”

In an irrevocable trust, the person who primarily holds the trustee accountable is the beneficiary.  Should the settlor be alive, the settlor also holds the trustee accountable to administering the trust according to the trust document.  In the event of a dispute, the beneficiary, or the settlor may bring the trustee to court, which is either a civil, or a criminal complaint, depending on the nature of the allegation.

Additionally, the trustee is accountable to the courts, and the relevant legislation pertaining to responsibilities, fiduciary duty, and taxes.  Trusts have external auditors as well, and must produce statements of accounts.  The failure to perform these duties adequately has legal repercussions.  In that sense, it is not really different from being a director of a company.