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 benefit 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(s).
How do Trusts most commonly arise?
Trusts can arise under a Will, where for example a beneficiary is a minor or the Testator may provide for their partner to live in their home for life before it ultimately passes to the Testator’s children (known as a Life Interest).
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?
Our Will and Inheritance Dispute Team work closely with colleagues in our Wills and Estate Team to advise on issues arising with Trusts and Trustees. Our team can advise you on your options if you have concerns over a Trust either in your capacity as Trustee or as a beneficiary..
