18:49
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Simple English definitions for legal terms
internal attack
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A quick definition of internal attack:
Internal Attack: When someone who is supposed to benefit from a trust questions whether it should continue or not, with the goal of ending the trust and getting the things that were meant for them.
A more thorough explanation:
Internal attack refers to a situation where a beneficiary questions the legitimacy of a trust's existence with the aim of terminating it and receiving the benefits held for their benefit from the trustee.
Let's say that John is a beneficiary of a trust set up by his late grandfather. John believes that the trustee is mismanaging the trust's assets and not acting in his best interest. He decides to challenge the trust's existence in court, seeking to terminate it and receive his share of the assets. This is an example of an internal attack.
Another example could be a beneficiary who believes that the trust's purpose is no longer relevant or achievable and seeks to terminate it.
These examples illustrate how a beneficiary can challenge the existence of a trust from within, with the aim of receiving the benefits held for their benefit.