Many parents want only the best for their children. This is the main reason why many parents are trying their best to acquire properties so they have something that they can give to their children or loved ones after passing. On the other hand, this could be a source of a mess if not properly handled by a legal team.
The trust litigation can be bloody if not handled or managed by the right people. There are a lot of times that instead of family coming together as one, and unite with harmony, it can be a reason for conflict and misunderstanding. The main purpose of a living trust is forfeited since family members are trying to focus on their interests rather than as a family.
The benefits of passing the assets and properties to the next generation should be discussed and processed by the legal team to prevent any mess. Most parents who have assets that are needed to divide into their children or another member of the family hire a trust litigation lawyer to help them carry out the deed after the parents are passing. In this way, the children or other family members will have something to start with.
The responsibility of a trustee
When the client passed away, the responsibility of the lawyer is crucial in executing the last will and testament. Also, the trustee should implement his responsibility to the best of his power. The law is mandated him to complete the task and assist the family the best they can. Check the following to know the main responsibilities of the trustee.
- Full disclosure of all the necessary information. One of the main responsibilities of the legal team is to make sure that all necessary information is translated to the beneficiaries. One of the reasons why family members are filing suit because there are times that some information is disclosed to a few family members only. This shouldn’t be the case if the trustee will provide the whole information to the beneficiaries in a way that they understand.
- The trustee should always have a sense of loyalty to his client as well as to the beneficiary. Since the lawyer was trusted as an important task, his loyalty should not be tainted for whatever reasons. It should always be upheld as much as possible in delivering the necessary tasks.
- The lawyer who handles the disclosure of the information about the trusts and assets should exercise care at all times. Being careful and caring is a duty of the trustee in a manner that the beneficiaries will have the right information on the process.