What Do Trust Litigation Lawyers Do?
To guarantee that your affairs are in order if you become disabled or pass away, estate planning is a crucial procedure that should be carried out. It enables you to choose how your possessions will be handled and dispersed following your passing. Making a trust is one aspect of estate planning that gives you some control over your possessions when you pass away, hopefully bringing you some peace of mind and relieving the burden on your surviving family members.
Unfortunately, setting up and using a trust are not always simple processes. A trust litigation lawyer
can support you and your family after a loved one passes away and leaves a trust behind in addition to assisting clients with estate planning and trust creation. A trust litigation attorney might be helpful if you run into problems when administering a trust or believe the trustee or beneficiaries have committed fraud.
How Do Trusts Work?
Knowing what a trust is and why trust litigation happens is essential before understanding what a trust litigation attorney performs. Trusts come in a variety of forms, each of which is a sort of legal document with a specific function. The ability to govern how one's assets and property are handled and dispersed after death is typically the end purpose of all trusts, regardless of the kind that is established.
A trust is a binding contract between a trustor, trustee, and one or more beneficiaries. The trustor is the individual who sets up the trust and specifies their intentions for how they want their assets distributed when they pass away. The person chosen to oversee the assets in the trust is known as a trustee. They are required to abide by the rules of the trust and manage their assets by the law and in the best interests of their beneficiaries. The individual or people who profit from the trust are referred to as beneficiaries.
Typical Events that Lead to Trust Litigation
Trustee Fiduciary Duty Breach or Wrongdoing - Litigation may result from the trustee managing the trust improperly or unlawfully. If beneficiaries can demonstrate misconduct on the side of the trustee, such as failing to distribute funds on schedule or violating the conditions of the trust, they may bring claims against the trustee. A trustee who is also a beneficiary may be inclined to act unfairly in such cases, in which case legal action may be brought.
Fraud or Undue Influence
- A trust may be questioned if it is believed that the person designated as the trustor did not establish the trust or that they were forced to do so. The trust must have been established by a person who was of sound mind. If it is believed that they weren't, the trust's legitimacy may be called into doubt.
Conflicts Between Trustees
- Trusts sometimes have many trustees, and when these trustees differ on what is best for the trust's assets or cash, conflicts can occur. For the sake of protecting the trustor's interests and preventing future litigation, trustees involved in contentious disputes may benefit from legal counsel.
Functions of a Trust Litigation Lawyer
When circumstances emerge that may necessitate litigation, all parties engaged in a trust can receive assistance from an expert trust litigation attorney. The majority of legal circumstances are subject to a statute of limitations, which states that once a specific length of time has elapsed, the issues cannot be brought up in court. In contrast, trust litigation might occur years after a trustor's passing, for example, when young beneficiaries reach adulthood. If malfeasance is not found for many years, trust litigation may occasionally take place decades after the fact, even after a trustee has passed away.
Attorneys that specialize in trust litigation can represent both sides of a dispute. A lawyer's advice will be helpful whether you need one to help you through initiating legal action against a trustee or you need one to defend yourself. Trust litigation experts are familiar with the laws governing trusts and can advise on the best line of action to follow in each situation. A trust can have a variety of distinct sorts, and because of this, trying to address problems without an attorney can be a waste of time, money, and effort.
- 10 Nov 2022