Who is considered for a settlement protection trust?

Who is considered for a settlement protection trust?

A professional trustee should always be considered for a Settlement Protection Trust. The professional trustee has expertise in investment management, taxation, and navigating the system to support the injured party. Courts rarely require a bond for a professional trustee.

What do you need to know about trust litigation?

The Petition states the facts and law that entitle the Petitioner to money damages or another remedy. It might ask that a conservator be appointed, that a trustee be removed, that a trustee be held liable for breach of trust, or that a trustee be permitted to take some action or to refrain from some action.

What was the settlement with the Indian trust fund?

Under the terms of the settlement, the government will set aside $1.4 billion “to compensate [Native landholders] for their historical accounting claims, and to resolve potential claims that prior U.S. officials mismanaged the administration of trust assets.”

Who is the trustor in an estate plan?

A trustor is the person, or sometimes the married couple, making the trust. They hire the estate planning attorney and tell the attorney how they would like to distribute their estate assets after death. Commonly, the trustor is a parent, who is creating the trust for the benefit of their children.

Do you have standing in a trust lawsuit?

Trustees have a legal right, called standing, to make decisions in lawsuits to determine, protect and oversee trust property interests. Generally, trustees, not beneficiaries, are the named plaintiffs or defendants in lawsuits for trusts.

A professional trustee should always be considered for a Settlement Protection Trust. The professional trustee has expertise in investment management, taxation, and navigating the system to support the injured party. Courts rarely require a bond for a professional trustee.

Can a trust provide asset protection from lawsuits?

In a revocable trust, the settlor commonly also serves as trustee. That is not the case with most irrevocable trusts that provide asset protection. Keep in mind that, by law, creditors can do the same things a debtor can do.

Can a trust beneficiary be a plaintiff in a lawsuit?

Generally, trustees, not beneficiaries, are the named plaintiffs or defendants in lawsuits for trusts. However, under certain circumstances, beneficiaries also have standing to directly participate in trust litigation.