Fighting for a Trust can be Hard, But Not with the Help of a Litigation Attorney
When someone has a large amount of money, they tend to put a portion of into a trust. A trust is used to hold this sum of money for future use and is often left on behalf of another. The trouble with a trust is that when a loved one passes away that developed the trust, there can be confusion on the part of the surviving loved ones. Some may feel that they have some power over how that money is spent or distributed. When this happens it is beneficial to hire an attorney to perform trust litigation. This is done to defend legal rights to those that are involved in the case. With the help of attorneys at James Mitchell’s law firm (http://www.jamesmitchelllaw.com/), located in Omaha, Nebraska, trust litigation can bring about real results when disputing a trust.
What is a Trust?
When someone develops a trust there will be a trustee that has power over the trust and the way it is used, and there will be a beneficiary which is the person who is entitled to the contents of the trust. There are two main types of trusts, the first being a revocable trust. This is also called a living trust and is malleable. This means that changes can be made, it can be dissolved, and the person making the trust can name themselves as the trustee while they are still living. Then there is the irrevocable trust which cannot be altered and no one is typically in control of it. Another distinct difference is the way the assets are defined. With a revocable trust, the assets are still counted as part of an estate and can be taxed, however with the irrevocable trust the assets are transferred from the estate, keeping it completely separate.
The Purpose of Trust Litigation
After a loved one dies, the surviving parties can feel like they are unaware of their rights in regards to the estate of their loved one. At this time, it is useful to have an attorney to investigate and assist with fighting for the rights of the surviving parties. First, the attorney will gather all of the facts and evidence involved in the case. They will file for a discovery of all of this information that will help them fight the case. Many will try to come to an agreement so the matter does not have to go to trial, however sometimes this is not an option. If the matter cannot be resolved, pre-trial is the step where expert witnesses and strategy will be taken care before the trial. During the settlement step, negotiations will be made and ultimately an agreement will be reached.
If you are unsure of what your rights are after your loved one passes, the obvious step to take would be to consult with an attorney that is knowledgeable about trust laws and can litigate successfully. They will make sure that your rights to any assets are being fought for and that you receive what you legally deserve in regards to your loved one’s estate.
James S Mitchell, PC
9802 Nichols St., Suite 350
Omaha, NE 68114