What is a Trust?
A Trust is a legal agreement, usually in writing, setting out an arrangement whereby a person (a trustee) holds property for the good of one or more beneficiaries. The Trust is set up by the original owner (the settlor) of the property. Property can include money, shares and income.
Trusts can be complicated and disputes can arise between the beneficiaries and the trustee or trustees.
How do Trusts most commonly arise?
Trusts can arise under a Will, where for example a beneficiary is a minor or the testator may leave a live interest in their home to their partner but thereafter to their children.
Trusts can also arise where there is co-ownership – sometimes you may not even realise a trust exists.
What type of Trust Disputes are there?
There are two types of disputes that commonly arise in regard to trusts:
- The first is usually because the beneficiaries disagree over the way in which a trust is interpreted.
- The second is usually due to how the trustee is handling and administering the property or assets assigned to the trust.
How can we help?
As part of our training the whole Team has had to take a detailed module in contentious trusts and is experienced in these types of dispute. We have a very large non-contentious team of solicitors who deal with estates of all sizes and we are often asked to advise if there is a dispute.