what kind of attorney settkes family trust issues

If you are involved in any sort of trust dispute, you should immediately consult with a local estate lawyer. An experienced and local estate planning attorney would be best suited to understanding your state’s specific laws regarding trusts, wills, and estates.

Full Answer

Do I need an estate attorney to resolve a trust dispute?

Attorney's Fees in Trust Settlement. The only drawback to having an attorney help settle the trust is that an attorney takes a fee to do so. The fee in Florida is typically 2.25% of the trust assets for the first $1 million. Trustees are not required to have an attorney, but most trustees are not familiar with the appropriate rules, duties, etc.

What kind of cases do family lawyers deal with?

A family trust litigation attorney will help you with – Identify the basis of your claim. This means understanding whether the fact that you find disputable and ought to challenge in the court of law, is itself valid or not. A trust attorney can help you evaluate a few other important factors before filing a family trust dispute claim. This includes –

Why do I need an attorney to draft a trust?

Jan 19, 2012 · If so then your attorney and the Trustee's attorney should be able to work this out so that the Trust is being complied with and the Trustee's fees are in a reasonable range. It is a good idea to invest a little money to get some clear, concise advice and have someone on your side to help you communicate with the other parties.

How do I choose the best trust litigation attorney?

In the case of family trusts, embezzlement refers to misappropriation of funds belonging to the trust, or to the decedent that should belong to the trust but were stolen before their passing. A trust litigation attorney handles the civil litigation (monetary relief) aspect of an embezzlement case, not the criminal case.

How do you challenge a family trust?

To contest a family trust, you generally must: Be an interested party to the trust, meaning you have a stake in claiming its assets; Have a legal basis for your claim. You must be able to prove that the trust document is invalid due to a violation of the state laws in which it was created.

How do you invoke a trust?

Executing a Living TrustObtain an affidavit of authority. ... Identify property held in trust. ... Notify beneficiaries. ... Appraise property of value. ... Pay expenses and debts. ... Transfer property. ... Close the trust.

Do you sue the trust or the trustee?

While a trust itself generally cannot be sued, the trustee can. Understanding when a lawsuit can be brought in connection with a trust is important for estate planning.Nov 17, 2021

Who makes decisions in a family trust?

trusteeThe person who makes decisions about the money or property in the revocable living trust. They are called the trustee. A trustee can be an individual or a financial institution. If there is more than one, they are co-trustees.Mar 18, 2016

What would make a trust invalid?

In most cases, what makes a trust invalid is a problem with its creation. ... Was created through intimidation or force. Was created by a person of unsound mind. Was created through deceptive practices.Oct 27, 2020

What happens if a house is left in trust?

If you're left property in a trust, you are called the 'beneficiary'. The 'trustee' is the legal owner of the property. They are legally bound to deal with the property as set out by the deceased in their will.

Who can bring a claim against a trustee?

beneficiariesOnly beneficiaries and Trustees of the Trust may bring a claim against a Trustee(s).Mar 5, 2020

Can a trust be held liable?

Yes, trustees can be held personally liable for losses sustained by the trust if they are found to be in breach of their fiduciary duties. Trustees owe trust beneficiaries the highest legal duty possible, which is known as a fiduciary duty. ... Neglecting to provide an accounting of trust activity.

Can a trustee remove a beneficiary from a revocable trust?

In most cases, a trustee cannot remove a beneficiary from a trust. ... However, if the trustee is given a power of appointment by the creators of the trust, then the trustee will have the discretion given to them to make some changes, or any changes, pursuant to the terms of the power of appointment.

What are the disadvantages of a family trust?

Cons of the Family TrustCosts of setting up the trust. A trust agreement is a more complicated document than a basic will. ... Costs of funding the trust. Your living trust is useless if it doesn't hold any property. ... No income tax advantages. ... A will may still be required.

Is a descendants trust revocable or irrevocable?

A descendant's trust is a revocable or irrevocable trust that is created to last a long time. This type of trust can hold money and other assets, such as stocks, for as long as 360 years in Florida and longer in other states.

What are the responsibilities of a trustee of a family trust?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.

Economic Disparity Among Beneficiaries

An imbalance in the socio-economic status of an estate’s heirs is enough to destabilize the whole proceeding. For instance, where a wealthy inherit...

Beneficiary Dependency Or Mental Illness

Any irrationality introduced to a situation as sensitive as the settlement of an estate is going to gum up the gears. Layer atop that a history of...

Estrangement Or Disinheritance

Children or other successors left outside the frosted glass of inheritance have nothing to lose by challenging their exclusion from it. The situati...

Advanced Benefit to One Heir and Not The Other(s)

Startup funding for a fledgling business, a down payment for a first home or college, bailout money for suffocating debt. It’s not uncommon for an...

How much does an attorney charge to settle a trust in Florida?

The fee in Florida is typically 2.25% of the trust assets for the first $1 million. Trustees are not required to have an attorney, but most trustees are not familiar with the appropriate rules, duties, etc.

How long do you have to sue a trustee for a trust?

If the trustee is not properly released from the trust beneficiaries, the beneficiaries have up to 4 years to sue the trustee (and maybe more) for improperly administering the trust.

What is a successor trustee in Florida?

First, the successor trustee is a fiduciary under Florida law. A fiduciary is one of the most important jobs in the legal world, being held to the highest standard of truth and fairness to the trust beneficiaries. The successor trustee has the following duties (among others) under Florida law:

How many children does a widow have?

She has 4 children, all equal beneficiaries, with one son as the successor trustee. The trust assets are $500,000. The children do not get along and think the one son is improperly administering the trust, among other family issues. The siblings demand money from the son as soon as possible.

What is the role of a trustee?

Here, the trustee has the duty to: Administer the trust fairly for all beneficiaries. Invest the trust assets correctly and as a reasonably prudent person would.

What does a good attorney do?

Here, a good attorney will help make sure everything goes smoothly, the bills are correctly paid, the taxes are taken care of, the trustee takes a trustee's fee (if they so desire) and the trustee is released of their duty correctly so that trust beneficiaries cannot come back and sue the trustee .

What is the duty of prudent administration?

Duty of prudent administration. Most people who have taken on the duty as trustee have never served in this role and are highly unlikely to know what to do to properly administer the trust and estate, pay the decedent's bills and taxes, and more.

Joanne Reisman

Oregon adopted the Uniform Trust Act which added some clarity to the prior law on trusts and as a trust beneficiary you should have the right to get an accounting, compel payments that under the terms of the trust ought to be paid, and if necessary remove a trustee that is not properly carrying out his duties.

Theressa Hollis

I strongly recommend you schedule an appointment with an experienced estate and Trust attorney. The facts as you state them are a bit confusing. Who set up the Trust for you? Is that Trustee a professional or bank? I can't imagine why the Trustee's fees would be so high. Likely the Trustee is represented by an attorney.

J Christopher Minor

Based on the information you provide, this does indeed sound outrageous. A court has the authority to remove a trustee acting improperly, and to allow recovery of amounts wrongfully charged to the trust. I am a bit puzzled about the reference to the Trustor....I am guessing you mean Trustee. Anyway, gather up your papers and get to a good lawyer...

Steven J. Fromm

Worried? You should be outraged if your facts are accurate. Get yourself an estate litigation attorney immediately and I meen now. He should demand an immediate accounting and should consider bringing a surcharge action for any losses suffered by actions or failures to act of the trustees.

What is a trust litigation attorney?

A trust litigation attorney handles the civil litigation (monetary relief) aspect of an embezzlement case, not the criminal case. Any beneficiary or trustee may choose to only prosecute an embezzlement claim in a civil court, without asking for criminal charges to be filed.

What is a trustee in a trust?

A trustee is the individual or entity charged with managing the trust. It is the trustee’s duty to make responsible decisions with the trust fund assets. A trustee typically cannot take any funds from the trust for him/her/itself — although they may receive a stipend in the form of a trustee fee for the time and efforts associated with managing ...

What to do if trustee steals money?

If trust beneficiaries feel that the trustee is stealing funds, they should ask the trustee to account (report on what they’ve done with trust assets). If through the accounting, or otherwise, beneficiaries learn that a trust stole money, they can charge the trustee with breaching their fiduciary duty and have them removed and surcharged.

What is breach of trust?

A breach of trust most commonly refers to a trustee’s breach of fiduciary duty. A trustee is required to act prudently and consistently with what a reasonable trustee would do in a similar circumstance. Trustees cannot play favorites, act in a manner that does not benefit the trust beneficiaries, etc. In essence, a trustee has a fiduciary duty ...

Is embezzlement a crime?

Embezzlement is a form of theft, and it is a crime. In the case of family trusts, embezzlement refers to misappropriation of funds belonging to the trust, or to the decedent that should belong to the trust but were stolen before their passing.

Why are living trusts so popular?

Living trusts offer a variety of benefits, which is why they have become so popular. Living trusts allow your estate to avoid probate. By doing so you avoid the costs associated with having a will probated, but you also avoid the delay associated with probate. It can take months for a last will to be probated, but when you create a living trust, ...

What is a trust after death?

A trust is designed to function during your life and after your death. A will provides for the distribution of all of your assets upon your death. It only provides instructions for what will happen to your assets after you die.

What is a living trust?

A living trust is a document that allows you to place assets into a trust during your lifetime. You continue to use the assets, but they are owned in the name of the trust. You name a trustee who is responsible for managing and protecting the assets in the trust. After your death, the assets in the trust are distributed to ...

Can you name yourself as trustee of a trust?

You can choose anyone or even a corporation as your trustee if you prefer. If you name yourself, you will need to name a successor trustee who can step up to manage the trust after your death.

What is a revocable trust?

A revocable trust (one that can be altered during your lifetime) does not avoid estate taxes that are applied by your state or the federal government. A special kind of living trust called an AB trust passes assets directly from one spouse to another and avoids estate tax. Living trusts do not pass through probate, ...

Do you need a power of attorney for a living trust?

Living trusts have all of your assets already placed in the ownership and management of a trust, so that should you become incapacitated, they are already being handled for you. Most attorneys do recommend you also draw up a power of attorney which will authorize someone else to make legal and financial decisions on your behalf ...

Should I have a will?

Should I Also Have a Will? Most attorneys agree that if you create a living trust, you should also have a will. This will, sometimes called a pour over will, is your insurance. In case there are any assets left out of your trust, the will directs that those assets be placed into the trust.

What is a family lawyer?

Family Lawyers. These are lawyers who handle all kinds of domestic cases, such as divorce, legal separation, child custody, adoption, paternity, alimony, prenuptial or postnuptial agreements, and emancipation. But family attorneys may also handle reproductive rights cases, and their work may intersect with other areas of the law.

What can an estate attorney do?

An estate attorney may also help clients build a trust fund, especially for minor beneficiaries. They may also prepare the documents that will enumerate and outline their client’s final wishes, including medical and burial arrangements. 4. Personal Injury Lawyers.

Why do we need malpractice lawyers?

Since these are professions that ascribe to a set of standards , they have greater professional responsibilities that may be challenged in the courtroom or in litigation.

What is IP law?

1. Intellectual Property (IP) Lawyers. Any original creative, scientific, or technical invention which may benefit the public has to be protected ...

What is an intellectual property lawyer?

Any original creative, scientific, or technical invention which may benefit the public has to be protected from copycats and duplicates. If you've created an art design, a unique product, a novel, a song or a computer program, you can consult with an intellectual property lawyer for securing copyright, patents, trademarks, and licensing agreements.

What is a personal injury lawyer?

This lawyer is an expert in tort law, which deals with civil legal liabilities and damages.

What is a business lawyer?

Also known as corporate lawyers, business lawyers are legal eagles who cover a more full range of expertise in building, managing, maintaining, transferring and dissolving a business. Lawyers in this area of practice deal with the formation of the company, employment contracts, tax compliance, acquisitions, and mergers.

How to settle an estate?

Even though trusts can be settled privately, without the involvement of the court, there are still many tasks needed in order to settle the estate. These include: 1 Contacting and informing all beneficiaries 2 Identifying and gathering the trustor’s assets, both principal and income 3 Notifying potential creditors 4 Filing and paying taxes 5 Distributing the assets to beneficiaries, complying strictly with trust provisions.

Who is Ted Schofner?

Attorney Ted Schofner of The Schofner Law Firm is a trusted ally of Tampa Bay families dealing with estate administration and trust settlement . He has been working in this field for two decades, helping Floridians achieve a smooth and cost-efficient transfer of estates.

What is probate in a will?

Probate is the court-supervised process of gathering the decedent’s assets, paying their debts, and distributing their assets to their beneficiaries. The terms “probate” and “estate administration” are often used interchangeably. You might hear these words when dealing with your loved one’s Last Will, or if your loved one died without a will.

What is estate administration?

Estate administration is equal parts legal and personal, with often-jilted beneficiaries mounting challenges intended to use material assets to alleviate emotional wounds. (And material ones.)

What is the ultimate test of any tension brothers and sisters think they’ve overcome?

A parent’s passing is the ultimate test of any tension brothers and sisters think they’ve overcome. With the reflection triggered by grief comes memories of bygone odds that were never evened. As a result, the settlement of an estate can unfortunately become a battleground for the settlement of old scores.

Can love blossom in arid soil?

Love can blossom in even the most arid, terminally ill soil. But when it does, expect resentment of the new spouse by heirs, especially in blended families with children only, or primarily, on the settlor's side. Avoid it by….

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What Are Some of The Remedies For Trust Disputes?

Can A Trust Be Contested? What Are The Steps to Contest A Trust?

Do I Need A Lawyer to Help with My Trust Dispute?

• If you are involved in any sort of trust dispute, you should immediately consult with a local estate lawyer. An experienced and local estate planning attorney would be best suited to understanding your state’s specific laws regarding trusts, wills, and estates. As such, an attorney can help you understand your legal rights and options according to your state’s specific estate code and guid…

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Contact The Schofner Law Firm in Florida

• Attorney Ted Schofner of The Schofner Law Firm is a trusted ally of Tampa Bay families dealing with estate administration and trust settlement. He has been working in this field for two decades, helping Floridians achieve a smooth and cost-efficient transfer of estates. Mr. Schofner can assist your family even if your loved one’s will or trust was not created with our firm. See how you can …

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