What Is a Trust Attorney?
A trust is a legal relationship for management of property for myriad reasons but, usually, for someone who is not good at or capable of managing money, is incapacitated, is a minor or for someone who may have a drug addiction or is subject to being easily influenced. Typically, a trust is designed to give a trusted family member, a close and trusted friend, or financial institution the legal responsibility to manage property or assets for the benefit of another.
A trust can be invalid for the similar reasons as a Will. A trust or trust amendment may be invalid if:
- A person lacked the mental capacity to understand the business in which he/she was engaged at the time the trust was signed,
- A person is coerced or subjected to undue influence
- A person in a position of reliance or in a fiduciary relationship with the grantor/settlor takes advantage of the position and influences a person to sign a trust.
Note: Mental capacity is different than testamentary capacity necessary to sign a Will.