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How Can an Estate Planning Attorney Help Me Review a Loved One's Trust?
Trusts are a common way to transfer property to family, friends, and charitable organizations. Many people opt to use a trust instead of a will for the distribution of their estates after death.
Trusts are unique from wills. Instead of leaving certain property to heirs, the assets are held and managed by a trustee who will, over time, distribute the assets or the proceeds from the assets to the trust beneficiaries.
While people may be drawn to trusts to avoid the costly and time-consuming probate process utilized in the cases of wills, issues can still arise with regard to trusts. There are numerous types of challenges someone may try to bring in court that could affect your ability to collect from a trust.
These challenges include:
- Disputes to the creation of the trust. Someone could argue that the trust was created for an impermissible purpose or in violation of the technical requirements set forth in the law. He or she may also argue that the trust was created under duress, because of undue influence, or at a time that the grantor did not have proper mental capacity.
- Disputes to the handling of the trust. The trustee must follow certain guidelines in managing the assets that make up the trust. The trustee must also keep adequate records so that the trust can be well-maintained and the beneficiaries can be certain they have received the appropriate portion of trust proceeds.
- Disputes to the trustee’s interaction with beneficiaries. Beneficiaries have certain rights that must be respected by the trustee. The trustee must release funds owed the beneficiaries under the terms of the trust in a timely fashion. In most cases, the trustee must also respond to questions or requests for documentation from the beneficiaries.
A Milwaukee, WI, Trust Lawyer Can Review Your Trust
If you are concerned that there may be a challenge to the validity of a trust of which you are a beneficiary, or if you are concerned about the management of a trust, you should contact a knowledgeable attorney.
An attorney can examine the trust documents as well as what actions have been taken by the trustee, and look for any irregularities or impropriety. That attorney will be able to assess whether all actions have been proper under Wisconsin law.
Contact our helpful Milwaukee trust attorneys at Gimbel, Reilly, Guerin & Brown, LLP by calling 414-271-1440.
Sources:
https://docs.legis.wisconsin.gov/statutes/statutes/701/IV/0402
https://docs.legis.wisconsin.gov/statutes/statutes/701/IV/0406
https://docs.legis.wisconsin.gov/statutes/statutes/701/VIII/0813
