Originally from Sports Arbitration: A Coach for Other Players? - ASA Special Series No. 41

Every year billions of dollars are administered by executors and trustees. Wills, transferring property to beneficiaries, are the most frequently used instruments, but family trusts, charitable trusts, and commercial trusts are growing in use and scope. Occasionally, disputes arise over whether those funds are being properly administered and whether the governing will or trust is being interpreted correctly by the fiduciary. Commercial trusts experience internal disputes between claimants and trustees concerning governance and impartiality, and between different classes of investors. Many of these disputes can be resolved by the use of mediation or arbitration, processes that provide parties with an alternative means to resolve their disputes. Mediation is a voluntary process of reaching a mutually acceptable settlement with the assistance of a neutral third party acting as a mediator. Arbitration is the voluntary submission of a dispute to an impartial person or persons for final and binding determination. Arbitration is an effective way to resolve these disputes privately, promptly, and economically, utilizing as the arbitrator a lawyer or lawyers with substantial experience in the area of wills, trusts and estates.