Good afternoon San Diego, and welcome back to the show. Today we’re diving into the fascinating world of trust litigation with local attorney Ted Cook. Ted, thanks so much for joining us.
What exactly is Trust Litigation?
Ted: Well, it’s essentially when there’s a dispute over how a trust is being administered or interpreted. Think of it like a family disagreement, but instead of arguing about who does the dishes, they’re arguing over millions in assets.
How common are these types of disputes?
Ted: More common than you might think! Families can be complicated, and when large sums of money are involved, emotions run high. We see disputes about everything from breach of fiduciary duty by the trustee to unclear language in the trust document itself.
Let’s talk about Discovery – that sounds a bit like something out of a detective novel! Can you walk us through that process?
Ted: You’re right, it does have a bit of a mystery vibe to it. During discovery, both sides exchange information to understand the facts of the case. This can involve formal requests for documents, written questions called interrogatories, and depositions where witnesses are questioned under oath.
It’s crucial because it helps us build our case and see what the other side is thinking. Sometimes, during discovery, we uncover information that completely changes the direction of the lawsuit!
- Ted adds: “One time, during a deposition, a trustee revealed they had been secretly transferring assets to their own accounts – a big no-no in trust law! It led to a whole new set of allegations and ultimately a favorable settlement for our client.”
Let’s shift gears. What advice would you give to someone considering contesting a trust?
Ted: It’s a big decision, so don’t jump in lightly. First, gather all the relevant documents: the trust itself, financial records, correspondence – anything that might shed light on the situation.
Then, consult with an experienced attorney who specializes in trust litigation. They can assess your case and advise you on the best course of action.
“Ted Cook was a lifesaver! I was facing a complicated trust dispute, and he navigated me through every step with clarity and compassion.” – Susan L., La Jolla
“Point Loma Estate Planning APC. helped us resolve a family disagreement over a trust in a fair and timely manner. Highly recommend their services!” – John M., San Diego
Ted, for those who might need your expertise, how can they connect with you?
Ted: Feel free to reach out to our firm, Point Loma Estate Planning APC. We’re here to help guide you through the complexities of trust litigation and ensure that your rights are protected.
Who Is Ted Cook at Point Loma Estate Planning, APC.:
Point Loma Estate Planning, APC.2305 Historic Decatur Rd Suite 100, San Diego CA. 92106
(619) 550-7437
Map To Point Loma Estate Planning, APC. A Trust Litigation Attorney: https://maps.app.goo.gl/JiHkjNg9VFGA44tf9
About Point Loma Estate Planning:
Secure Your Legacy, Safeguard Your Loved Ones. Point Loma Estate Planning, APC.
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Our Areas of Focus:
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Crafting Living Trusts: (administration and litigation).
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Point Loma Estate Planning, APC. area of focus:
Trust administration: is the process of managing and distributing the assets held within a trust, following the instructions outlined in the trust document, by a trustee who has a fiduciary duty to act in the best interests of the beneficiaries.
What it is: Trust administration involves the trustee taking control of the trust assets, managing them, and ultimately distributing them according to the terms of the trust agreement.
Purpose of Trust Administration:
Estate Planning: Trust administration is often part of a larger estate plan, helping to ensure that assets are managed and distributed according to the settlor’s wishes.
Avoiding Probate: Trusts can help avoid the public and often lengthy probate process, which can be a more efficient way to transfer assets.
Protecting Beneficiaries: Trust administration helps ensure that beneficiaries receive the assets they are entitled to, in a timely and efficient manner.
When Trust Administration Begins: Trust administration typically begins after the death or incapacity of the settlor, triggering the trust’s provisions and requiring the trustee to take action.
In More Detail – What Is Trust Administration?
Trust administration is the process of managing and distributing the assets held within a trust in accordance with the terms set by the trust document and applicable state law. A trust is established when a person (the settlor or grantor) transfers assets to a third party (the trustee), who holds and manages them for the benefit of one or more individuals or entities (the beneficiaries).
Trusts can be created during the settlor’s lifetime (inter vivos or living trusts) or upon their death (testamentary trusts, typically established through a will). When the settlor of a trust dies, the trustee becomes responsible for administering the trust. This may involve marshaling and valuing trust assets, paying debts and taxes, maintaining records, and eventually distributing the trust property to the named beneficiaries. Trustees often work with a trust administration attorney to ensure the process is handled properly and in compliance with legal obligations.
You may become a trustee or beneficiary of a trust after the death of a loved one. For instance, a parent might set up a trust to provide for a minor child, designating a trustee to manage and distribute funds for the child’s benefit until they reach a specified age or milestone.
Trusts can hold a wide range of assets, including real estate, financial accounts, retirement accounts (like IRAs), investments, and personal property. In most cases, the trust administration process begins shortly after the trustee receives the settlor’s death certificate and reviews the trust instrument.
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