A trust accounting must be made and properly reported to involved parties a minimum of once per year, with the exception of beneficiaries who have chosen to waive that right. If the trust is revocable, the trustee only needs to make a yearly accounting to the settlor, which is a person who opened the account. If the trust is irrevocable, the trustee needs to provide a yearly accounting to all of the beneficiaries, including current, contingent and remainder beneficiaries.
Probate is a court case that oversees the process of collecting and disbursing the assets of an individual’s estate once he or she has passed away. If the deceased (known from here on as the decedent) had a valid will and named someone to manage his or her estate, the court will appoint this person as executor of the estate, as long as he or she is fit to take on the role. If the decedent did not have a will, the court will appoint an administrator to fulfill the responsibilities of an executor until the case comes to an end.
The attorney’s fees of a trust contestant are the responsibility of the contestant, unless accentuating circumstances lead the court to rule otherwise. For example, the court reserves the right to impose payment of litigation or attorney’s fees to either party if it is proven that said individual breached their fiduciary duties to benefit themselves, causing harm to other parties with interests in the trust. If you are the trustee and have a duty to defend the trust, the court can order that the trust reimburse the trustee for any legal fees incurred in its defense.
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Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
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