Death is a topic that almost everyone wants to avoid. It’s not only depressing but could also ensue issues and conflicts among family members. At the end of a person’s life, the assets will be distributed or divided. It’s up to you if you want to use a trust or a will. Both these platforms have similarities in one way or another, but you also need to take note of the differences.
Notable Differences Between a Trust and a Will
For instance, a will that goes through a probate proceedings will require the assets to be handled and properly distributed by the courts. A trust, on the other hand, may be administered by a third party like a trustee. A trust administration does not have to go through the court, hence, the beneficiaries can have easier and faster access to their assets as compared to the beneficiaries of a will.
With a trust, the execution can be done while the owner is still alive. With a will, execution can only be made when the owner has passed away. Trusts also provide stipulations as to how the assets are to be spent, thus, the term “trust fund.” As with a will, trust can also be contested, hence, it is important that you seek answers from a probate attorney. Here’s what you need to know.
Legality of the Contest
The first thing that you need to know is to verify the legality of the supposed beneficiary. A trust can only be contested by a legal beneficiary, hence, any claim should be validated first. There are trusts that include a “no contest” clause, which specifically provides that anyone who has a rightful claim but contests the trust, shall not get anything at all. However, there will also be times when contesting a trust is the best solution.
Common Reasons in Contesting a Trust
There are actually several reasons to initiate the contesting of a trust. The most common of these is the lack of capacity of the grantor/owner. For instance, if the owner is not mentally capable when the trust was created, then there is a high risk that the trust will not be executed. Another reason is the undue influence by another person which resulted to the grantor feeling pressured at the time when the trust was created. Fraud and the improper construction of the trust are two of the common reasons, as well.
If you have reason to believe that the trust you’re dealing with is contestable, then it’s to get the services of a reliable probate attorneys through this website. When contesting a trust, you’ll most likely experience a lot of stress and anxiety. Only a good probate lawyer can help you get through all these.