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Prince William County
When creating a trust with a Prince William County trust lawyer, it is important to understand the specific roles involved. The grantor or settlor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the last will and testament or intestacy law.
When a grantor creates a trust, they can appoint a trustee. A trustee is a person who or entity which manages the assets in the trust and oversees distribution upon the grantor’s death.
It’s possible for someone to be the grantor and trustee if they establish a living trust and manage it while alive. However, naming a successor trustee is crucial so someone else can take over when the grantor dies.
Elements of a Valid Trust
Setting up a valid and legally enforceable trust requires following state laws and meeting various conditions, such as:
Common Factors that Invalidate a Trust
A range of factors can contribute to a trust the court can’t validate. The most common reasons include:
How to Challenge the Validity of a Trust
You must pursue legal action if you believe the trust isn’t valid. Simply disagreeing with your loved one’s decision to leave someone with assets you believe you should have received isn’t a good enough reason for a court to invalidate a trust.
You must file a petition with the probate court and explain why you think the trust isn’t valid. You must also present evidence to support your claims, such as physical documentation or witness testimony.
Outcome of Assets in an Invalid Trust
If the court decides the trust isn’t valid, beneficiaries won’t receive the assets according to the deceased’s instructions. If no valid trust exists, the property will pass to surviving heirs according to intestacy laws or the deceased’s will if they created one.
Contact a Prince William County Trust Lawyer
Trusts are complex legal documents and people naturally have questions about how they should and should not be used as part of a comprehensive estate plan. If you would like to learn more about trusts for yourself or a loved one, our Prince William County trust lawyers are here to provide clarity and support. Simply contact us at 703-492-9955 to schedule an appointment with the mention of this blog post.