In the UK, a declaration of trust is a legal document that sets out the terms and conditions of trust. A trust is a legal relationship in which one party, known as the trustee, holds legal ownership of property or assets on behalf of another party, known as the beneficiary. The terms of the trust are set out in the declaration of trust, which specifies how the trust property will be managed and how the trust assets will be distributed.
Can a Declaration of Trust be Challenged?
A declaration of trust is intended to assure that there is no disagreement or ambiguity in the distribution of financial investment in real estate, although a dispute is still possible. There may be situations in which a party to a trust, or an individual with an interest in the trust, wishes to dispute the terms of a declaration of trust. This could occur if there is a disagreement over the interpretation of the trust document, or if there are allegations of fraud or misconduct.
What Are Your Options for Contesting a Declaration of Trust?
There are several options available for disputing a declaration of trust in the UK.
Mediation: Mediation is a form of alternative dispute resolution that involves bringing in a neutral third party to facilitate negotiations and help the parties reach a mutually acceptable resolution. Mediation can be a faster and less costly option than going to court and may be more successful at preserving relationships between the parties.
Arbitration: Arbitration is another form of alternative dispute resolution in which a neutral third party, known as an arbitrator, makes a binding decision on the dispute. The parties to the dispute agree to be bound by the arbitrator’s decision, which can then be enforced in court if necessary.
Court action: If the parties are unable to resolve the dispute through mediation or arbitration, they may need to take the matter to court. This may involve filing a lawsuit and presenting evidence and arguments to a judge or jury to resolve the dispute.
How Can We Help?
If you are considering disputing a declaration of trust, it is important to seek legal advice as soon as possible to understand your rights and options. A solicitor with expertise in trusts and disputes can guide the most appropriate course of action and represent your interests in negotiations or court proceedings.
If you are seeking advice on how to dispute a declaration of trust, contact our probate dispute solicitors in London online or by phone at 0208 769 6739 or complete the online form. We will respond promptly to your inquiry.