When a Floridian creates a trust, they are doing so for many reasons including to maintain control where their assets go, have a say in how they are handled and to ensure certain criteria must be met so beneficiaries can use the proceeds. The court will play a specific role when there is a trust proceeding and it is wise to understand state law for when the court can take part and what it can do. This is essential when deciding to create a trust.
How the court will impact a trust proceeding
If a complaint regarding a trust is filed, the court can intervene in its administration based on its jurisdiction. The court can order that a trust be subject to judicial supervision, but it will not be able to have such supervision if that has not been ordered. The court can determine the trust’s validity; appoint a trustee or order the trustee removed; check the trustee’s fees; assess and settle accounts; find beneficiaries, decide on questions about the trust’s administration and distribution, advise trustees, and check the rights involved with the trust.
Trusts have benefits, but problems might still come up
Since it does not require probate, a trust enhances privacy and does not take as long to settle as it would with a conventional will or other estate planning strategy. Still, as with any estate plan, disputes can arise. In some, there will need to be court intervention. People should be fully aware of the benefits and drawbacks of trusts before moving forward with one. If, for example, it is a situation where there might be creditors’ claims, going through probate might be preferable. Trust property is difficult to refinance and setting it up is time consuming. This is before even reaching the possibility of disputes where the court must get involved.
Having assistance with trusts and other forms of estate planning
Trust administration and its legal factors should be fully grasped when thinking about creating a trust. Having experienced estate planning advice is essential with any aspect of planning for the future. This is true with a will, a trust, alleging a trustee is incapable of fulfilling the duties, is engaged in wrongdoing or there are other concerns. Consulting with professionals who are skilled with all aspects of these issues is imperative to avoid or address challenges as they arise.