Trust and Estate Litigation
Trust and Estate litigation is an unfortunate reality for many families. Estate and trust administration often involves complex tax, financial and emotional issues. After the death of a loved one, sometimes one or more family members believe that the estate or trust is not being administered as the decedent intended or that the representative is breaching the fiduciary duty that he or she owes to beneficiaries. The issues which may arise and create conflict are: financial mismanagement or misappropriation; fraudulent documents such as will, trust, power of attorney, deeds or beneficiary designation. In these situation, litigation may become necessary in order to recover damages and ensure the proper resolution of the trust of estate.
Chicago Estate Litigation
Although estate and probate litigation is similar to other types of civil litigation, there are several key differences that make estate and probate litigation unique. For example, probate proceedings are governed by the Illinois Probate Act. The Probate Act has special time limits related to the filing of claims or actions. Therefore, it is essential that you retain an attorney who understands the unique rules that govern contested estates in probate court as quickly as possible.
Unfortunately, disputes regarding money and property are common after a loved one passes. These disputes are complex and highly emotional. For example, an individual may feel that he or she has been unfairly excluded from a loved one's Will. Or, individuals may be concerned when their inheritance is less than what they expected. Hays Firm LLC is a Will contest and trust dispute law firm experienced with both types of litigation.
Hays Firm LLC represents heirs, beneficiaries, and executors in various types of estate and probate-related litigation. If a dispute arises egarding a friend or loved one's assets and you have questions regarding your options, please don't hesitate to contact the firm for a free consultation regarding your situation. You may contact the Hays Firm LLC at (312) 626-2537 or via e-mail.
The role of trustee necessitates serious responsibility. Once an individual or entity is named as trustee of a certain trust, he or she owes fiduciary duties of honesty, prudence, and loyalty to the beneficiaries of the trust. When the trustee fails to satisfy any of the duties, the trustee may be held personally liable for such failure. The attorneys at Hays Firm LLC represent beneficiaries and trustees in litigation related to disputes involving trust administration including, but not limited to the following:
- Failure to properly report and account to the beneficiaries for all trust transactions
- Failure to make proper and timely distributions
- Improper investments
- Self dealing
- Failure to pay the proper beneficiaries
- Failure to accurately determine the value of assets prior to sale
- Creditor claims
- Excessive trustee compensation
- Interpreting ambiguous trust provisions
The beneficiaries of trust assets enjoy a variety of rights. The beneficiaries of a trust that currently receive income from the trust are generally entitled to a regular accounting or report from the trustee. The accounting should illustrate all trust transactions over a specific period of time. If you find that (1) a trustee is failing to provide you with the information you need in order to understand the business of a trust to which you are a beneficiary, (2) a trustee is devaluing the trust through her negligence, or (3) you need advice regarding protecting your assets from creditor claims, please contact Hays Firm LLC to discuss how we can help. You may contact the firm at (312) 626-2537 or via e-mail.
Many trustees do not realize that they may be held personally liable for improperly handling trust property. If you are currently acting as a trustee and wish to avoid disputes and trust litigation, our firm can counsel you on how to best perform your duties as trustee. If you have questions regarding trust administration, please contact Hays Firm LLC. You may contact the firm at (312) 626-2537 or via e-mail.