{"id":1087,"date":"2013-08-22T15:26:29","date_gmt":"2013-08-22T21:26:29","guid":{"rendered":"https:\/\/jaygoodman.com\/?p=1087"},"modified":"2021-12-21T13:53:27","modified_gmt":"2021-12-21T20:53:27","slug":"disputing-new-mexico-spendthrift-trusts","status":"publish","type":"post","link":"https:\/\/jaygoodman.com\/?p=1087","title":{"rendered":"Disputing New Mexico Spendthrift Trusts"},"content":{"rendered":"

\"Disputing<\/a>While there are many types of trusts that may be used to leave assets to children, grandchildren and other younger family members or loved ones, a spendthrift trust constitutes a common tool for protecting beneficiaries from their own youth and\/or lack of maturity.<\/p>\n

In a spendthrift trust arrangement, property is not distributed directly to the beneficiaries; instead, the property is placed in a trust where it is managed for the beneficiaries by someone the trust creator appoints (who is referred to as the \u201ctrustee.\u201d) The principle in a spendthrift trust is only transferred to the beneficiaries once the beneficiaries reach a certain age or certain other conditions have been fulfilled. Assets can also be distributed in increments<\/p>\n

The spendthrift trust is specifically designed for those who are inexperienced financially, younger, mentally disabled or lack the responsibility to be entrusted with the management of substantial assets or money. Many times the beneficiary of the trust who is referred to the \u201cspendthrift\u201d will be the child of the person who creates the trust although the beneficiary need not be a minor. Generally, the structure of such a trust will provide the trustee with the discretion to determine whether to allow the minor to access funds or assets within the trust. The beneficiaries also may be restricted from accessing some or all of the trust assets until certain requirements have been met, such as reaching a certain age.<\/p>\n

Despite the potential value of a spendthrift trust, disputes may arise when beneficiaries challenge the restrictions imposed by a spendthrift trust, or the trustee is challenged for mismanagement or improper use of trust assets. When a beneficiary wants assets distributed prematurely rather than wait until the designated age has been reached or conditions fulfilled before obtaining the property or money in a trust, the beneficiary may file a legal action seeking to obtain distribution of the assets. If the trust is properly drafted, the judge will generally enforce the conditions or restrictions in the trust instrument unless certain exceptions exist, or the beneficiary has a dire need for a premature distribution.<\/p>\n

Sometimes the beneficiary of a trust also may initiate a legal action to challenge the management of the trust by the trustee. A trustee may be negligent in managing the trust assets resulting in diminished value of the trust. In other cases, a trustee may misappropriate the assets or funds in the spendthrift trust for the trustee\u2019s own purposes. When this occurs, the beneficiaries of the trust may seek legal representation from an experienced New Mexico trust litigation attorney to seek removal of the trustee and a judgment for financial damages suffered by the beneficiaries of the trust.<\/p>\n

A final type of legal dispute that may arise over the terms of a spendthrift trust involves a beneficiary pursuing a claim against other beneficiaries. When a beneficiary believes that he or she is entitled to specific assets or a distribution of trust assets rather than another beneficiary, this may result in a legal challenge between trust beneficiaries.<\/p>\n

Discouraging Challenges to Your Will or Trust in New Mexico Part I<\/span><\/a><\/strong><\/span><\/h4>\n

The above information is designed solely to illustrate general principles of law, and does not constitute a specific legal opinion on individual cases. We suggest that you contact experienced legal counsel for a specific opinion tailored to your individual circumstances.<\/p>\n

Our New Mexico Trust Lawsuit Attorneys represent beneficiaries challenging a trust and trustees facing litigation. If you have estate planning questions or concerns, the experienced New Mexico Estate Planning Lawyers at Jay Goodman & Associates, PC offer a free consultation in our centrally located offices in Santa Fe and Albuquerque so that we can discuss your options. Call us today to schedule your free consultation at (505) 989-8117 to learn about your rights and options.<\/p>\n

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While there are many types of trusts that may be used to leave assets to children, grandchildren and other younger family members or loved ones, a spendthrift trust constitutes a common tool for protecting beneficiaries from their own youth and\/or lack of maturity. In a spendthrift trust arrangement, property is not distributed directly to the […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-1087","post","type-post","status-publish","format-standard","hentry","category-blog","category-estate-planning-and-probate"],"aioseo_notices":[],"yoast_head":"\nDisputing New Mexico Spendthrift Trusts<\/title>\n<meta name=\"description\" content=\"In a spendthrift trust arrangement, property is not distributed directly to the beneficiaries; instead, the property is placed in a trust where it is\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jaygoodman.com\/?p=1087\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Whitney Johnson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087\"},\"author\":{\"name\":\"Whitney Johnson\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#\\\/schema\\\/person\\\/11c282247ecff55e4220f9c945935cef\"},\"headline\":\"Disputing New Mexico Spendthrift Trusts\",\"datePublished\":\"2013-08-22T21:26:29+00:00\",\"dateModified\":\"2021-12-21T20:53:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087\"},\"wordCount\":640,\"publisher\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/08\\\/Disputing-New-Mexico-Spendthrift-Trusts-193x300.jpg\",\"articleSection\":[\"Blog\",\"Estate Planning and Probate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087\",\"url\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087\",\"name\":\"Disputing New Mexico Spendthrift Trusts\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/jaygoodman.com\\\/?p=1087#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/jaygoodman.com\\\/wp-content\\\/uploads\\\/2013\\\/08\\\/Disputing-New-Mexico-Spendthrift-Trusts-193x300.jpg\",\"datePublished\":\"2013-08-22T21:26:29+00:00\",\"dateModified\":\"2021-12-21T20:53:27+00:00\",\"description\":\"In a spendthrift trust arrangement, property is not distributed directly to the beneficiaries; 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