If you learn that you have been named a beneficiary of a friend or family member's trust, chances are good you will experience a range of emotions. On the one hand, you may feel excitement and eagerness as to what you will do with your eventual windfall, while on the other hand, you may feel guilt and sadness over the prospect of someday losing a loved one.
The reality is that these emotions will subside, and you will someday become accustomed to how the trust is being managed and ultimately administered by the named individual or corporate trustee.
However, what happens if it becomes apparent that the terms of the trust are inconsistent with its purposes and/or the best interests of the beneficiaries over time? What if you and the other beneficiaries become unsatisfied with the management of the trust?
The answer is that you may move to terminate the otherwise irrevocable trust and receive your full portion of the trust proceeds, a legal action known colloquially as "trust busting."
It's very important to understand, however, that this is a very complex legal undertaking necessitating comprehensive knowledge of applicable state and federal laws, extensive experience preparing effective legal strategy and carefully honed skills in the courtroom.
At VanNess & VanNess, P.A., our attorneys not only possess all of these attributes, but have successfully terminated a number of irrevocable trusts. No matter the situation, they will sit down with you to discuss the trust in question, explain the law and outline your options going forward.
To learn more about our services in the area of trust termination, please visit our website.