To benefit others, an individual may create trust in which they place certain assets and funds that they wish for a loved one or other such party to inherit after their passing. Someone for whom a trust is created is a beneficiary of said trust.
A trust offers benefits that a will does not offer. For example, with a trust, assets and funds may be protected from estate taxes. A trust can also allow beneficiaries to avoid the probate process. This will ideally help them inherit the funds or assets in a trust more quickly than they would if these assets were left to them in a will.
There are some instances in which the beneficiary of a trust may not properly receive the assets that have been left to them. This might happen if a trustee is neglecting or intentionally disregarding their fiduciary duty.
When someone establishes a trust, they will typically appoint a trustee who is responsible for managing the trust’s assets and funds. A trustee should be someone that the individual who created the trust can rely on to manage the trust according to their wishes and instructions.
For example, someone with minor children may establish a children’s trust to ensure their children’s needs are provided for in the event of their untimely death. If this individual dies while their children are still minors, their children may not be mature enough to properly manage their inheritances. Someone creating a children’s trust might therefore name a close family member or friend as a trustee. This person will theoretically manage the funds and assets in the trust until the children of the person who created it reach a certain age.
Unfortunately, there are some instances in which a trustee does not manage a trust in accordance with the wishes of the person who appointed them trustee. If you are a beneficiary of a trust and you believe the trustee is not fulfilling their duty, a Santa Clarita trust beneficiary attorney can help you address the matter. Specific steps we can potentially take include (but are not necessarily limited to) the following:
- Obtaining a copy of the trust and reviewing it carefully
- Ensuring any necessary appraisals are accurate
- Monitoring the trust administration process for any signs of misconduct
- Filing objections if there appears to be reason to do so
Contact a Santa Clarita Beneficiary of Trust Attorney
It is not always clear when a trustee is failing to manage a trust per the wishes of the one who created it. If you are a beneficiary of a trust and you have any reason whatsoever to suspect that the trustee is not properly handling the responsibilities assigned to them, review your case with a Santa Clarita beneficiary trust attorney at the Law Offices of Andrew Cohen to learn more about potential legal options. Get started today by contacting us online or calling us at 661-481-0100.