HELPING CLIENTS WITH TRUST MATTERS
In July 2014, Kentucky passed new laws regarding Trusts. Kentucky’s “Uniform Trust Code” provides understandable laws regarding Trust Administration. Accordingly, Trust Matters are now more frequently brought to court. Enter Key Schoen Law.
These laws provide both procedural and substantive leverages to make bad actors stop behaving badly. More specifically, the laws allow for some issues to be brought exclusively in Probate Court – which generally translates to quicker rulings and less costs. For those issues that must be taken to Circuit Court, the costs are still lower than many legal actions since most of the issues can be resolved by the Circuit Court Judge, and not through a Jury Trial. Moreover, Kentucky’s “Uniform Trust Code” allows the Court to order Attorney fees to be paid by the party who effectively caused the legal problem(s). This is a “game changer”.
Key Schoen can help in numerous ways on behalf of a Trustee… Whether there is a need to help with the Administration of the Trust (i.e., liquidating assets; providing beneficiary(s) with financial income and/ or principal, etc.); or there is a need to get a successor Trustee appointed pursuant to the terms of the Trust and/ or by Court Appointment; or problems caused by a Trust beneficiary.
Of course, Key Schoen can also help if you are not the Trustee, but instead are a beneficiary who has concerns regarding the conduct of the Trustee. Under Kentucky’s “Uniform Trust Code” the fundamental reason for Trusts to exist is for the benefit of the beneficiaries. Beneficiaries have legal rights, to include transparency and information, and financial benefits in accordance with the terms of the Trust. Kentucky’s new laws make this plain and provide the legal leverage to get a court to constructively resolve problems in Trust Administrations.