Custodial Trust Act

A trust can be contested for many of the same reasons as a will, including lack of testamentary capacity, undue influence, or lack of requisite formalities. The beneficiaries may also challenge the trustee's actions as violating the terms and purpose of the trust.

In this article: A living trust is a type of estate planning tool that allows you to transfer ownership of your assets to a separate fund while you're still alive.In some circumstances, you can use a living trust to protect money you owe to creditors.

Revocable Trusts. Irrevocable Trusts. Testamentary Trusts.

Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs.

It is generally considered more difficult to challenge a living trust than to contest a will.To successfully contest a will, a person must prove that the testator, the person creating the will, either lacked the capacity to have the will drafted or they were subject to undue influence by a beneficiary.

If the probate court does not agree with your claim that the trust is invalid, then the assets will be distributed as outlined in the document. However, if you win your trust contest, the trust will be deemed invalid and the assets will be distributed in accordance with state intestate succession laws.

When you set up a Living Trust, you fund the trust by transferring your assets from your name to the name of your Trust. Legally your Trust now owns all of your assets, but you manage all of the assets as the Trustee.

If a will or trust is successfully contested (i.e., declared invalid), then the court throws out the will or trust. This places your family in the position it would have been without the challenged will or trust, either reverting to a previously executed will or no will at all.

An Alaska Trust is an irrevocable trust which allows the grantor to transfer assets to his trust and to be a beneficiary to whom the trustee can distribute trust property. If the trust is not obligated to distribute trust assets to the grantor/beneficiary, the assets will not be subject to his or her creditors' claims.