Many people think that trusts are only for the affluent, but as a Farragut, TN trust lawyer explains, this is not the case. In fact, every person can benefit from having a trust and other estate plan documents. If you are wondering if a trust is an appropriate planning tool, it will depend on your financial situation, goals, and family needs. Trusts are increasing in popularity because they are flexible and can address a myriad of objectives. Those who want help devising their estate plan are encouraged to speak with our team at Carpenter & Lewis PLLC. We can learn more about your needs and then suggest which estate plan documents will be most useful for you. 

Trust Benefits

There are many benefits of having a trust, such as preserving and protecting your assets, controlling and customizing how your wealth gets distributed to beneficiaries, reduces state and federal taxes, addresses unique family dynamics, and helps a relative in need of support manage their financial affairs. There are different types of trusts, including a revocable trust and irrevocable trust. A revocable trust allows you to stay in control over your assets and what you place in it. You take the role of trustee and can alter the terms whenever you would like to, such as withdrawing or adding assets as needed. You can appoint a successor trustee to take over managing your assets if you no longer want to serve as trustee. Irrevocable trusts enforce permanent terms that cannot be changed. 

Other Considerations

Trusts can be beneficial for a number of reasons. As a Farragut trust lawyer explains, if you have a trust, you can avoid the process of probate, get estate taxes reduced, have more control over assets, protect loved ones from worst case scenarios, assist children who have special needs, properly divide assets, and ensure each person in your family is taken care of. Many people appeal to the idea of having a trust because they do not want their assets to go through the costly and lengthy process of probate. It is also a great way to limit or eliminate expensive estate taxes. A trust enables you to have control over the estate more so than what other estate plan documents can provide. Once it has been written, a trust is relatively low maintenance. There may be times when you have to update your estate plan when new life events occur, such as purchasing new assets or the birth of a child. But typically, trusts rarely need to be amended. 

Carpenter & Lewis, PLLC

As you can see, there are several benefits to establishing a trust for your estate plan. It is important to create legally-binding documents so that when you pass away, your assets and family members are taken care of. If you have questions or concerns about writing an estate plan, please contact Carpenter & Lewis PLLC. A Farragut trust lawyer can sit down with you to discuss your situation and offer advice on how to safeguard what you have built throughout your lifetime. We hope that you contact us to assist you as you plan for the future of your assets and family.

8 Steps In A Trust Lawsuit

When disagreements arise over how a trust is managed or how its assets are distributed, the process can feel overwhelming for everyone involved. Trust lawsuits often develop when beneficiaries believe their rights have been overlooked, when a trustee is accused of mishandling funds, or when questions surface about the trust’s validity. Our Farragut, TN trust lawyer guides clients through these disputes. Our goal is to break the process into clear, manageable steps so they understand what to expect at each stage. 

1. Identifying The Dispute

The first step in a trust lawsuit is recognizing that a dispute exists. This could stem from disagreements over how the trustee is handling assets, unequal distributions among beneficiaries, or questions about the trust’s validity. At this point, we review the trust documents, communication records, and financial statements to identify the specific issues that need to be addressed. Clarity at the beginning helps create a solid foundation for moving forward.

2. Evaluating Legal Standing

Before filing any legal action, it’s essential to confirm that the party bringing the claim has standing. Generally, this includes beneficiaries, trustees, or others directly affected by the trust. Our Farragut trust lawyer assesses whether the person filing the lawsuit has a legal right to challenge or defend the trust based on their relationship to it. Establishing proper standing early prevents delays and keeps the case focused on valid claims.

3. Reviewing The Trust Documents

Every trust case starts with an in-depth review of the trust instrument itself. We examine the trust’s language, the grantor’s intent, and any amendments or related documents. This helps determine whether the trustee acted within the powers granted by the trust or if any ambiguities need interpretation. Often, the language of the trust provides key evidence in resolving disputes before they escalate further.

4. Attempting Resolution Outside Of Court

Before moving to trial, we often explore alternatives such as mediation or settlement discussions. These approaches can save time and cost while allowing the parties to reach an agreement privately. Many disputes involving trust administration, distribution, or alleged misconduct can be resolved at this stage when communication and documentation are properly managed.

5. Filing The Lawsuit

If an agreement cannot be reached, the next step is filing a petition in probate or civil court. This formal complaint outlines the nature of the dispute and the relief being sought, such as removing a trustee, recovering assets, or interpreting certain provisions. Once the case is filed, all parties must be properly served so they are aware of the proceedings and can respond accordingly.

6. Discovery And Evidence Gathering

After filing, both sides engage in discovery, the process of collecting and exchanging relevant evidence. This may include trust accounting records, correspondence between parties, and testimony from financial professionals or witnesses. Our Farragut trust lawyer carefully reviews all materials to identify inconsistencies or violations of fiduciary duties. Proper preparation during this stage often shapes the outcome of the case.

7. Attending Hearings And Trials

If the case proceeds to court, each side presents its evidence and arguments before a judge. The process can involve multiple hearings addressing specific issues like accounting disputes or the removal of a trustee. During trial, the judge examines the evidence, hears witness testimony, and ultimately issues a ruling based on the facts and applicable law. Our top-rated team represents our clients through each phase, working to protect their rights and the integrity of the trust.

8. Post-Judgment Actions

Even after a ruling, additional steps may follow. These can include enforcing the judgment, redistributing assets, or appealing the decision if necessary. Post-judgment compliance is vital to ensure that the trust’s administration continues according to the law and the grantor’s intent.

Moving Forward With Legal Guidance

Trust disputes can be stressful, but having knowledgeable legal support helps clarify the process and protect what matters most. For over thirty years, our team has walked clients through every stage of a trust lawsuit, from initial evaluation to resolution, with care and precision. For those facing challenges involving a trust, reaching out to us at Carpenter & Lewis PLLC is an important first step toward a fair and lawful outcome.