When someone you love passes on, it will be a hard time for everyone who came to know and love them. As emotions are running high, it can be difficult to begin to find the time to deal with the legal side of things, specifically concerning the execution of their will and the potential of a trust having been left.
Given how hard to can be to keep a clear head through a legal process when you lose someone you love and are trying to work through your grief, this handy guide is going to give you the basic tools you will need in order to get through settling a trust dispute in the right way and making sure that the result is what your late loved one would have wanted.
Defining what a trust is
Death is not something you will hopefully be confronted with regularly, which naturally means you might not know all of the legal jargon surrounding the leaving of an estate through a will. So, to begin with, you need to know exactly what a trust is.
Essentially, a trust is when the deceased leaves some of their estate to a trustee for this person to hand over to a third party, the benefactor, at the appropriate time. This is often the case when money or assets are being left to those under the age of eighteen to safeguard their inheritance.
What are the grounds to dispute a trust?
Now that you know what a trust is, the set up appears to be simple enough not to cause much catastrophe, but there are actually many reasons why a trust could be disputed, such as:
- Administration or running of the trust
- The value of the assets
- The interpretation of the trust
- Difficult trustees or feuding beneficiaries
The above are the most common problems you will encounter and being aware of them from the start will hopefully mean you can see potential problems further up the road and take evasive action.
How do you resolve these problems?
The big question is then, how you resolve these issues to ensure that your loved one’s trust if taken care of in the way they intended.
The most effective and simplistic way to do this is to seek out legal advice and, should it come to it, representation from legal professionals who specialise in inheritance law. Trust dispute lawyers are experts in the field and can help you with the process of handling a trust dispute.
The main reason that it is so important that you get professional legal aid is to make sure that the assets left behind by the person you have lost are being given away fairly and to the right people. A sad fact of the matter is that, when money is involved, people can only have their own interests at heart, even in the aftermath of a death, and this can lead to dispute. Trust disputes can be confusing and distressing, so the best thing you can do is to act quickly to ensure you are doing right by your loved one.