How Do I Create a Litigation Trust?
Full Question:
We have been advised we need a 'litigation trust' for a group of investors. Can you advise as to which forms we need? THanks
06/22/2010 |
Category: Trusts |
State: Texas |
#22445
Answer:
A litigation trust is typically created in order to settle legal claims arising out of certain acts or operations. The trustee may bring lawsuits on behalf of the trust. The trust is essentially an account where any money collected from lawsuit awards or settlements would be held for distribution to creditors.
Due to the complexity involved in creating such trusts, we suggest you contact a lcoal attorney who can review all the facts and documents involved.
For further discussion, please see:
http://caselaw.lp.findlaw.com/data2/circs/3rd/031857p.pdf
http://www.kccllc.net/documents/0555927/0555927081028000000000003.pdf