Knowing how to handle a trust dispute is becoming increasingly relevant to inheritance affairs. Providing a unique way to minimise estate taxes, trusts are becoming a more popular solution in place of wills for when one wishes to leave money to a loved one after they have passed.
The thing is that while a trust is created for the beneficiary of someone else, it must be held until this beneficiary comes of age, or reaches a certain set of requirements that allows the assets to be released into their care. While this kind of arrangement can benefit some people, it also paves the way for disputes over who the assets should, in fact, belong to.
These disputes, while messy, can be handled with paramount sensitivity. Here’s how.
Establishing your claim
Before you go about making a trust dispute, it’s best to establish why your claim would be viable. Many people dispute trusts when assets have not been shared fairly between trustee members, when someone wishes to remove a trustee from the trust, or when there have been significant issues with how the trust has been administered.
These claims may have ground to work with if you have proof that makes more sense than what the conditions of the trust initially layout. For example, if someone unknown to a family was to be in receipt of an entire trust over the testator’s close-knit children.
Bear in mind that if you are a vulnerable beneficiary, you may struggle to make a claim without the appropriate support, whether you are not yet 18 or live with a disability. This is of course unless a trusted family member and solicitor can support you on your behalf.
Finding the right solicitor
Knowing when you have a claim is only half the battle when you handle a trust dispute. You must then choose a solicitor to help guide you through the process so that you are able to understand legal limitations and guidelines at every step of the way. Going it alone can result in you incurring extra stress and financial worry over an already sensitive issue, but it is natural to be wary about which solicitors you trust.
To help you make an informed decision, it’s a good idea to use specialist online platforms to collate real-world recommendations. This way, you can be confident that the solicitor you have chosen will be able to help.
Funding your legal costs to handle a trust dispute
With 30% of people worrying about approaching a lawyer or solicitor over fears of cost, cost las always been a huge factor in putting people off making a claim. However, when you feel passionate about your case, it’s worth putting in a claim to see if it is successful. You can either create a payment plan for paying your solicitor, or you may seek legal aid. In any case, the most popular kind of claims is those which are no win, no fee. This is because they don’t require a claimant to pay any sort of monetary incentive if their claim falls through. If their claim is successful, then the assets recovered from this claim may help pay for the legal costs associated incurred due to winning.