Trusts were once used almost exclusively by wealthy families as a way to guard and pass down the family wealth. Today, however, trusts are frequently included in the average person’s estate plan. One thing that all trusts have in common is the need to appoint a Trustee. If you were recently informed that someone appointed you to be the Trustee of a trust, you may be a bit intimidated at the prospect of fulfilling your duties as Trustee. To help get you started, we offer some tips for the … [Read more...]
Trusts — Irrevocable Versus Revocable
Trusts are often an important tool used in the creation of an estate plan given the versatility and variety offered by a trust. At their core, all trusts are the same. You, as the trustor, must name at least one beneficiary, appoint a trustee to manage trust assets and designate assets that you will use to fund the trust. Beyond the basics, trust can be as complicated, or as simple, as your needs require. The first decision you must make is whether to create a revocable or an irrevocable … [Read more...]
Understanding Revocable Living Trust Terms
If you’re researching the revocable living trust, you may be confused about some of the terms. It’s important to make sure that you understand all aspects of this estate planning tool so that you can properly use it in your plan. Take a look at the information below to learn more. If you have any questions, or if you’d like to discuss creating a revocable living trust, meet with an experienced, qualifief estate planning attorney.Trust document – Your trust document spells out all of your … [Read more...]
Why Does My Trust Have a Name?
Your trust has a name and a birthday. Both are used to identify your trust for purposes of funding assets into the trust; financial institutions and trustees need to know how assets are owned because trustees only have authority over assets actually titled in the name of the trust.A trust’s title will look something like this:John Smith and Mary Smith, Trustees of the Smith Family Living Trust, dated July 1, 2019.Your trust’s birthday is the day you signed the trust papers. It … [Read more...]
How to Choose Trustees, Guardians and Agents
Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role.Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...]
How to Choose the Right Trustee
Creating a successful estate plan requires you to make a number of important decisions. If you elect to incorporate a trust into your comprehensive estate plan, one of those decisions will involve the appointment of a Trustee for your trust. Because naming the wrong person as Trustee is among the most common causes of a trust failing, it is imperative that you take your time and choose the right person for the position. Here are some tips to ensure that your Trustee is the right person for the … [Read more...]
Can a Beneficiary Get Rid of a Trustee?
If you are a beneficiary of a trust it means that you are entitled to benefit from the assets held by the trust. It also means you have a number of important rights as a beneficiary. If you are concerned about the manner in which the Trustee is administering the trust, you may be wondering if your rights include the ability to remove the Trustee. In this blog, we will discuss when and how a beneficiary may be able to remove a Trustee. Reasons to Remove a Trustee The overall job of a Trustee is … [Read more...]
5 Important Things to Remember If You Are a Trustee
Did you recently learn that someone appointed you to be the Trustee of a trust they created? If this also the first time you have ever served as a Trustee? If so, you probably don’t know what to expect or where to begin. Although the administration of every trust is unique, the Roseville trust administration attorneys as the Northern California Center for Estate Planning & Elder Law offer five important things to remember if you are a Trustee. Trust Administration Basics The overall job of … [Read more...]
When Is Suing a Trustee of a Trust the Best Option
If you are the beneficiary of a trust, it means that although you do not physically have possession of the assets held in the trust, you do have an ownership interest in the assets. It is the Trustee’s responsibility to distribute those assets to you according to the terms of the trust. What options do you have though if the Trustee fails to distribute the trust assets? How do you know if, and when, suing a Trustee of a trust is the best option? Why Might a Trust Be Used to Distribute … [Read more...]
Answers To Your Living Trust Questions (2 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans.We’ve found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions.Will I always be the trustee of my living trust?You can be the trustee of your trust as long as you are … [Read more...]
