Do You Need Trust Litigation Assistance?

A trust is a key estate planning resource for all individuals. Since money, property, and other assets are usually involved, disputes can occur that will often result in litigation. You may need legal representation in various trust litigation matters. These kind of trust litigation matters can include the breach of fiduciary duty, concerns about the trust being legitimate, or the trustee mismanaging the trust.

Since trust litigation can be complicated, you will need to have a trust litigation attorney who has the necessary knowledge and experience to protect your rights. Basic construction of a trust includes:

  • The donor, grantor, or settlor establishing a trust. This can typically be done through trust agreement, a last will and testament, or another kind of legal document.
  • A beneficiary is named. There can be more than one beneficiary.
  • The trustee agrees to hold money, property, or other assets for the benefit of someone else.
  • The trustee holds and manages the principal of the trust.

There are numerous reasons why someone’s estate plan will be held entirely, or partially, in a trust. Many times, a trust’s assets will not pass through probate. A trust can give someone more privacy and discretion. Although there are several other benefits of having a trust, in the end, people may still find themselves having disagreements related to the trust.

Many times a trust can be litigated for the following reasons:

  • There are various estate planning documents that are competing with each other
  • Oral promises were made, but those promises are not shown in the trust
  • The original estate planning documents cannot be found

While honest mistakes can be made, often times less than honest actions take place. Whatever the reasons may be for the disagreements or disputes, we are dedicated to helping you. If you would like to schedule a consultation, contact us for information.

Estate Planning Myths That You Should Know The Truth About

Many people have misunderstandings and misconceptions about estate planning, and typically everything else about probate and court proceedings. People may believe that every situation calls for probate court to be avoided. However, every person’s situation is different and an estate planning lawyer will be able to help you determine what things you need to do to meet all of your goals.

Many people do not create an estate plan because of a circulation of myths that frustrate and confuse people. If people are unaware of the truth, these myths will continue to circulate and this can be harmful to one’s life and the future of those they leave behind:

An Estate Plan Is Only For People Who Are Wealthy

This is not true. This is probably one of the common myths that gets spread around. By certain standards, it may seem that only a “rich” person only has to put together an estate plan. However, when you think about all of the things you have, such as your home, your checking accounts, savings account, vehicles, life insurance policies, etc, you will begin to realize that you may have more assets and possessions than you realized.

Estate planning is about more than saving on taxes; it is about having control of your wealth and having protection of your needs and your family’s needs when it counts the most.

All I Need Is A Will

If you put together a quick will, then that will be better than not having a will at all. On the other hand, you may not even need a quick all. The state that you live in will have a plan in place for you. However, that plan will probably not be the plan you want. If you want things done correctly, you have to make sure you take the right steps to do it correctly. If you are going to do something, you should do it right. This applies to anything that you do in life. When you want the best estate planning documents, you have to spend a significant amount of time on it.

I Don’t Have To Worry About It Yet

Generally people think that their age means they should not consider estate planning. It does not matter if you are in your 20s or in your 60s. We all know that the unexpected can occur at any age. Death does not have an age on it. In case of unexpected tragedies, an estate plan can be extremely useful even if you are still young. An estate plan is about more than death. If you are ever faced with an unexpected stay in the hospital, your plan will include various documents that will be beneficial in cases like this, such as a HIPAA Authorization and a healthcare directive.

We have a goal to provide our clients with plans that work best for them. You want to be able to control your things while you are still here. Contact us when you are ready to take control of your life so you can provide your family with the things the need even when you are no longer here.

Probate Court: Avoid The Downfalls With Proper Planning

What will happen to your property when you are no longer here? Well, that answer can be completely up to you, with a few exceptions. There are many people who are surprised that the things they do or do not do throughout their life can have an impact on how their properties, assets, and valuables are transferred after they have passed on.

If an executor of an estate ever hears the word probate, there will probably be a chill going across the body. However, going through a probate does not have to be this big nightmare of a process, especially if you have the right counsel. If your property goes through the probate process, it can add on to the stress and emotions that are already weak and fragile during this time.

If you understand what property items can be probate assets, you will be able to understand how you can avoid probate court.

Joint Ownership

If you have an asset that is joined with someone else, that particular asset will go to the joint owner after your death. You will not have to go through a probate if there is joint ownership in an asset. Usually there is joint ownership on a checking account or a deed.

Living Trusts

Many people choose to use a living trust as a way to avoid probate. Property that is left behind through a living trust can be given to the beneficiaries without the need of probate.

The living trust document has to list all of the property, list who will be the trustee, and list the person who will get the property when the trust maker passes away. The trustee is someone who will be responsible for taking care of the property.

Beneficiary

If someone has a retirement account or life insurance, a form can be completed that will allow you to list the person’s name who will receive the benefits after you have gone. Whatever company is holding your assets, you can simply speak to someone about changing the beneficiary designation. You will find that several companies give you the flexibility you need in doing this. You can name a primary beneficiary and contingent beneficiaries; you will also be able to divide the amount in percentages.