Throughout life, people drive themselves in building assets for their near and dear ones. They want to ensure a happy and comfortable life even after they pass on. There are multiple ways to hand over the estate to beneficiaries, be it spouse, children, or grandchildren. The complications arise in the absence of a proper will/trust or divide the estate among beneficiaries. Under such discrepancies, it is best to reach out for trust and estate litigation.
Trust and Estate
The estate encompasses all your assets. One of the ways to manage the estate is to create a trust. A trust is a way to manage assets where authority is appointed to manage assets for the beneficiaries. A trust is clear communication of who receives what and when will they receive it. A person can instate a Will, trust, or both depending on family circumstances and how they would like their estate to be managed. If there are minor children, the guardianship needs to be specified under a will. If the estate needs to operate and be governed by another party, then a trust needs to be formed. The primary difference between a will and a trust is that a will is part of public records while trust is private.
Causes of Trust and Estate Litigation
A need for trust and estate litigation might occur under circumstances when family members suspect an influence on formation. Litigation may also be caused in case of breach of duties by trustees and other fiduciaries. Some of the most common causes are:
Lack of judgment
If it is believed that the mental capabilities of the creator were compromised, the validity of the document is questionable. Hence, in such scenarios, seeking out litigation is advisable.
Creation under pressure
Coercion to create trust and distribute the assets in a specific manner to favor a particular person is probable.
Breach of duties
A violation of fiduciary duties by a trustee is a serious offense. A fiduciary must adhere to directions laid out in the trust. In case of non-compliance to the rules should be sorted with litigation.
Any fraudulent activity on the part of the fiduciary is subject to legal action.
Reformation of Trust
If any family member wishes to change the way a trust operates, it needs to be dealt with under court jurisdiction; moreover, if any trustee needs to be added or removed, the exact needs to be followed.
Documents might be forged to fulfill personal benefit. This calls for not only a civil but also a criminal offense.
Challenging a will
Under unpreferable outcomes, a will may be challenged by the beneficiaries. At the core is the belief that Will is not as per the actual intent of the creator or appears suspicious.
Trust and estate litigation are of prime importance for the circumstances described above. The litigation is a time-consuming and draining process. Hence, expertise is cardinal for successful closure. Reaching out to expert counsel is critical as they specialize in mediating and negotiating.