Trust litigation is a legal proceeding over a trust. A trust is the organized distribution of wealth and property from one generation to another. They are created to designate who receives belongings and property and are a very common part of estate planning.
With a trust, an estate planner will place assets, belonging and property under the control of a trustee who will hold them on behalf of an appointed beneficiary.
There are two different types of trusts that are revocable and irrevocable. Revocable trusts are also called living trusts, and allow the person to correct any errors or make changes quickly when their circumstances change in life. They can make amendments or revoke the trust.
Irrevocable trusts cannot be altered or changed once they are created. When they are finalized, there are no other changes allowed. One reason a person would select an irrevocable trust is to safeguard their assets against lawsuits or debt collectors.
In addition, revocable trusts become irrevocable when the settlor passes away.
Setting up a trust protects assets from lawsuits, helps to avoid probate, and allows for unexpected events like if the settlor becomes incapacitated.
Trusts are considered to be legal entities and can be involved in lawsuits. There are also many different reasons litigation can occur around a trust. Beneficiaries can sue the trustee for failing to perform their duties, or there can be other reasons why beneficiaries hire a trust litigation lawyer in Naples, FL.
Find out more about hiring a trust litigation lawyer in Naples, FL by contacting Linde Law Group online at Website Domain
