When it comes to estate planning, two of the most common legal tools used to manage the distribution of assets are trusts and wills. While they share a similar goal—ensuring assets are passed on according to your wishes—they are fundamentally different in their structure and operation. A will is a legal document that dictates how a person’s assets should be distributed after death. However, a will only takes effect upon death, and it typically must go through the probate process, which can be time-consuming and costly. This can open the door for potential challenges from family members or other interested parties, leading to estate litigation.
On the other hand, a trust is a legal arrangement under which one person (the trustee) holds and manages property for the benefit of another person (the beneficiary). Assets can be placed in trust during a person’s lifetime or upon their death, depending on the type of trust established. Unlike a will, a trust does not require probate, which can make the distribution process faster and more private. This feature of trusts can reduce the likelihood of litigation, as it bypasses the public and potentially contentious probate process. However, trust disputes can and do arise, particularly when the terms of the trust are unclear, the trustee fails in their duties, or there are allegations of undue influence or fraud.
Trust and estate litigation often fall into one of two basic categories: challenges to the will or trust documents themselves, which are typically filed on the grounds of a lack of testamentary capacity, undue influence, or improper execution, or breaches of fiduciary duty, in which the executor, personal representative, or trustee’s conduct is called into question, often involving claims of misconduct, mismanagement of assets, or self-dealing.
The attorneys at Lord & Lindley have significant experience dealing with trust and estate litigation. If you need assistance with an estate issue, please give us a call at 704-457-1010 to find out how we may be able to help you. For more information regarding our firm, attorneys, and practice areas, please visit our website at www.lordlindley.com.