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One of the most important functions of the trustee is distributing the trust assets according to the wishes of the creator of the trust (trustor) as set forth in the trust agreement. With proper planning, a trustee will be able to navigate the distribution of trust assets with the assistance of a bank, lawyer, or financial adviser either appointed by the trustor or hired by the trustee to manage the legal details.
→ Read MoreA breach of fiduciary duty occurs when a trustee does not act with loyalty or care in their dealings with the trust and the beneficiaries. Read on for more information about breach of fiduciary duty by the trustee.
→ Read MoreThe question of whether a trust be better than a will has no simple answer since so many factors must be considered in estate planning. Your decision is personal and individual, and must suit your particular situation. Briefly, a will is a legal document that gives your instructions for distributing your assets after you die. A will allows you to select an executor to manage the distribution of your assets, pay your debts, and handle other administrative duties.
→ Read MoreBreach of fiduciary duty by a trustee, which can range from poor investing to outright theft, can be monitored, prevented, and remedied. As a beneficiary of the trust, you have the right to request a trust accounting, and you may be able to have the trustee removed or hold the trustee liable for whatever trust assets were lost through the trustee’s breach of fiduciary duty.
→ Read MoreMany states have laws within the probate code that allow the beneficiaries to dissolve or alter the terms of a trust under certain circumstances. For example, the trust may be modified if the intended purpose of the irrevocable trust cannot be fulfilled.
→ Read MoreTrustees are the main person responsible for following the wishes of the creator of the trust (trustor) as articulated in the trust agreement, and are responsible for overseeing the management and distribution of the trust assets. A trustee is often a close friend or family member of the trustor, however, whether trustees have a personal connection to the trustor or not, they are almost always given a trustee fee for performance of their duties.
→ Read MoreA living trust is an excellent way to manage your money and help protect your family and your wealth, both now and in the future. Unlike a will, which goes into effect only upon your death, a you can manage a living trust during your lifetime. If you create an irrevocable trust you may benefit from tax advantages, but will have a hard time making changes to the living trust should you rethink your estate plan.
→ Read MoreA trust is a entity frequently used in estate planning to help a person distribute property or provide for a loved one after they have passed away. Setting up a trust has multiple benefits and is done for many different reasons.
→ Read MoreTrust beneficiaries have certain rights under the law, including the right to written reports of the administration of the trust and accountings of the trust from the trustee. Read on for more information about the rights of trust beneficiaries.
→ Read MoreWho should have a trust?
→ Read MoreFind the right lawyer for your legal issue.
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