As soon as you start putting your loved one’s will into action, you’ll find that many laws, forms, and rules talk about “interested parties.” If you have never managed a trust or estate before, this term is hard to understand. It is important to know who is interested because the law gives each of them certain rights and protections.
Examples of Potential Interested Parties to an Estate or Trust
Here are some common examples of people who might be interested in an estate or trust:
- The estate’s creditors
- Creditors of the person who died
- The trust’s debtors
- The will specifies who gets what.
- The person who died’s spouse
- Children of the person who died
- Charities that are named in a will or trust to get money
- People or groups named in a will or trust to get property
- If the will says that property should be given to a trust
Putting your loved one’s will into action can be hard if you don’t know how to do it. Lucky for you, you don’t have to do it all by yourself. Every step of the way, we’re happy to help.