Trust Beneficiaries

A trust is a legal arrangement where the creator of the trust designates either themselves or another entity to manage property or assets on behalf of themselves or a third party. The purposes of a trust can include controlling and managing the distribution of assets more economically and efficiently, minimizing estate taxes or protecting the assets from creditors.

The parties to a trust include the grantor, who is the person who establishes the trust, and the trustee, the individual or entity responsible for managing and distributing the trust's assets. The third party in a trust arrangement is the lifetime or death beneficiary, the person or persons who receives the assets at the appropriate time -- the lifetime beneficiaries while they are living and the death beneficiaries, following the last surviving grantor's death.

In New York, grantors can designate anyone they wish to be a trust death beneficiary, such as friends, family members or charitable organizations.

Under New York law, beneficiaries have legal rights in specific areas regarding trusts:

• Information: Beneficiaries can request regular updates and information about trust transactions or a copy of the trust instrument.
• Distribution: Beneficiaries are entitled to receive their designated share of the distribution in a timely manner.
• Challenging actions: Beneficiaries can contest the trustee's actions if they suspect mismanagement or fraud.

Additional trust beneficiary rights include requesting trustee removal due to committing financial harm, suspending or surcharging the trustee, or requesting a summary of the trust's transactions from the trustee.

A knowledgeable, experienced trust lawyer can assist trust beneficiaries protect and pursue their legal rights in New York. The attorney can review the arrangement to clarify which assets or property the beneficiary is legally entitled to receive. A lawyer can also challenge misconduct by filing a lawsuit against trustees suspected of violating their duties or petitioning the court to request their removal and appoint a replacement.

If the situation involves litigation, the lawyer can attempt to negotiate a settlement with the trustee via mediation to resolve the issue. If it becomes necessary to go to trial, the attorney can represent the beneficiary during all court and legal proceedings.

As one of the largest estate planning and elder law and trust law firms in New York, Ettinger Law Firm has the experience and resources to protect your legal rights as a trust beneficiary. Although we are a larger firm, we will provide the personalized attention you deserve. You can count on your lawyer to be accessible and educate you on the aspects of this complex legal area that impact your unique situation.

We recognize that most of our clients do not have experience working with attorneys and may be apprehensive about moving forward. Our personal approach eliminates the pressure and lets you set the pace when making these important life decisions.

Do you want to ask questions about trust beneficiaries and their legal rights? The team at Ettinger Law Firm is ready to assist you. Take the next step and call our firm at 1-800-500-2525 or contact us online to schedule your no-cost consultation and legal review today.