When disputes arise within a trust, the parties involved may have several options for resolving the issue. One of those options is to go to court; however, this can be expensive and time-consuming. It may be more beneficial for the parties to utilize an alternative dispute resolution method in some cases. Here’s a look at the three most common methods used for alternative trust dispute resolutions in Delaware.
Mediation
This alternative conflict resolution method involves a neutral third party helping disputing groups or individuals reach a resolution. As a neutral party, a mediator does not make decisions for the disputing individuals. Instead, they facilitate communication between the parties and help them to brainstorm possible solutions.
To make estate and trust mediation legally binding in Delaware, you will need to do three things:
1. You must sign a written agreement that says you will participate in mediation and that any settlement reached during the process will be binding.
2. You must choose an impartial mediator who has no conflict of interest.
3. The mediator must file a report with the court that includes information about the mediation process and whether or not a resolution was reached.
Arbitration
Arbitration is similar to mediation, but unlike mediators, arbitrators are not neutral; instead, they act as judges and make decisions for the disputing parties. In Delaware, arbitration is generally binding, meaning the parties are required to follow the arbitrator’s decision.
Collaborative law
Collaborative law is a process in which the parties work with their attorneys to reach a resolution. The attorneys involved in collaborative law have gone through training specifically for this process, and they agree not to take the matter to court.
If you are involved in a trust dispute, it is important to know that you have options for how to resolve the issue, depending on your particular situation. And, of course, if they all fail, you might be forced to go to court.