“Trusts” have been recognized in the United States and in Kentucky law for as long as each have been in existence. The legal concepts and recognition under the law came from England hundreds of years ago. As the term suggests, “Trusts” are predicated on the legal presumption that the administration of Trustee(s) will, and and must behave in “good faith”, and with the interests of the beneficiaries before all others’ interests. Moreover, these “Trusts” were to be administered without public courts involvement.
While nobility may have been intended, reality has set in over many years since. Trusts are proliferating throughout the United States as more and more attorneys provide such documents with ever increasing frequency, Kentucky included.
In July 2014, Kentucky passed new laws in conjunction with the majority of States in the U.S. Kentucky’s “Uniform Trust Code” provides plain and 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).
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.
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.
You can learn more about Key Schoen’s work experience and education on Key Schoen’s attorney profile page. Or read answers to frequently asked questionsKentucky Probate FAQ about Kentucky Probate.
For More Information About This
Call Key Schoen’s Assistant Keith Porter at (502) 589-0077. Mr. Porter is excellent at what he does – help Mr. Schoen, and his clients.