You need to have a firm grasp of the breadth and complexity of the duties and responsibilities of a Trustee during the administration of the trust. The overall job of a Trustee is to protect and manage trust assets while administering the trust using the trust terms created by the Settlor. The specific duties and responsibilities of a Trustee make for a long list that includes things such as: Manage and protect trust assetsAbide by the trust terms unless they are impossible, illegal, or … [Read more...] about What Does the Trustee Do?
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. My friend and colleague, Tereina Stidd, an estate planning expert, has … [Read more...] about What an In Terrerem Clause Can Do for You