Trust And Trust Litigation  

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         The person who manages a trust is known as a trustee. While the person who benefits from the trust is known as a beneficiary and this beneficiary is specified by the person who creates the trust.

         Usually the person who makes the trust is responsible for appointing the trustee to manage some or all of the property. The property can be intangible or tangible in nature. While the trustee holds the legal title of the trust, it is the beneficiary who is ultimately the beneficial owners.

         The deed of the trust is a penned down legal document that highlights the arrangements of the trust, what responsibilities the trustee has and who the beneficiary is. The trust can revocable, which means that the creator can revoke the trust as per his or her wishes, or it can irrevocable, which means that all the conditions of the trust cannot be altered once made.

         The trustee has ethical and legal duties towards the trust and the beneficiary, and this is known as fiduciary duty. The duties involve managing the trust wisely, being loyal not just to the creator, but also to the beneficiary, and maintaining proper records of all the relevant documents related to the trust.

         In the US, the law governing the formation and working of a trust is the Uniform Trust Code. This law was enacted in the year 2000. Several amendments have been added to the Code thereafter. Many states in the country either follow the Code or a major portion of it. However, some states also have their own law to govern trusts besides following the Uniform Trust Code.

         It is considered a serious offense if a trustee does not adhere to the rules of the trust, or does carry out his or her fiduciary duty as mentioned in the trust deed. When such a thing happens, a beneficiary is free to sue the trustee and file a case in the court against him or her.

         However, for this the beneficiary will need a lawyer who is experienced in this domain and will be able to give the correct advice. When selecting a lawyer, make sure of three things -- he or she should be experienced in this field of law, and have the necessary specialization and also qualifications. Have an initial discussion with the lawyer and keep your questions ready before you meet him or her. Get all the details about the trust, the rules for governing it, and all details related to the administration of the trust. If you find that the lawyer answers all your questions and queries and appears to be reliable and trustworthy, then you can hire his or her services. Then, the lawyer will be responsible for preparing the case and sending legal notice to the trust.

         A trust litigation can be based on any issue, like the trustee not investing the assets properly or correct, making the distribution of the assets in an inappropriate manner, self dealing and/or misinterpreting the terms and conditions of the trust.

 

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