A Trust is created when one person (“Trustor”) gives another party (“Trustee”) property or assets intended to be used for the benefit of a third party (“Beneficiary”). Although great care is taken when crafting Trust and Estate Planning documents to clarify the role of trustees and ensure the protection of beneficiaries, the highly complex and technical nature of these documents can often lead to disputes between beneficiaries, trustees and the estate when it comes to the management of the trust.
Disputes can arise at any point during the execution of a trust, from disputes regarding the creation of the trust to concerns with the distribution or management of assets.
Some of the more Common trust disputes include:
- Improper creation of trust or improper appointment of trustee.
- Mismanagement or misappropriation of trust funds or assets.
- Disputes between beneficiaries involving appointment or entitlement under the trust.
- Disputes between co-trustees or executors
- Trustee compensation or the accounting practices.
- Removal and replacement of a Trustee.
- Interpretation and/or variation of terms of the Trust document.
Given the complexities of trust disputes, it is often necessary to engage a professional who can streamline the dispute process and provide advice and assistance bringing the matter to a resolution. Depending on the nature of the dispute, it is often necessary to engage a professional who can streamline the dispute process and provide advice and assitance bringing the matter to a swift and equitable resoltion..
At ZTGH, we recognize that trust disputes can be a highly emotional and volatile period for all parties involved. Our team of lawyers has the knowledge and expertise to advise and assist trustees, executors, beneficiaries and concerned parties with the proper management of trusts and to ensure the best outcome for our clients.