Not all that long ago, trusts were used almost exclusively by wealthy families as a tool to pass down the family wealth while maintaining a certain degree of control over how that wealth is used by future generations. Trust have evolved, however, to the point where it is now common to find a trust in even a relatively simple estate plan. When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of … [Read more...] about The New Trustee’s Trust Administration Checklist
As your estate plan grows, you may decide to incorporate a living trust into your plan. If so, part of the process of creating your trust will be to appoint a Trustee. Can you appoint yourself as the Trustee? Let's explore whether you can – and whether you should – appoint yourself as the Trustee of your living trust. What You Need to Know about Trusts A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary or … [Read more...] about Can I Be the Trustee of My Own Living Trust?
A trust can be a beneficial addition to your estate plan for a number of reasons. Not only can a trust help your estate avoid probate, but it can also help protect your assets, plan for your incapacity, or even protect your minor child’s inheritance. If you decide to incorporate a trust into your estate plan, you will need to appoint a Trustee to administer the trust. With that in mind, lets explore why you should consider a professional Trustee. What Is a Trust? A trust is a legal … [Read more...] about Why You Should Consider a Professional Trustee
Sometimes a corporate fiduciary is named as a trustee or a co-trustee with a trusted family member or friend. A corporate fiduciary is, simply, a bank or trust company. Many are experienced, good with money, and trust worthy. Teamed with a family member, who cares about you, this arrangement can be helpful for those who don’t want to burden a family member or friend with all of the responsibilities of trust administration. The pros of naming a corporate fiduciary as trustee Corporate … [Read more...] about Choosing a Corporate Fiduciary Trustee
A trust requires a few essential components, one of which is a trustee. The trustee performs a wide variety of functions within the trust, making the choice of trustee one of the most important decisions you make when you create your trust. Ultimately, only you can decide who to appoint as trustee; however, there are some factors that are worth considering when making the decision. Location of Trust Assets: This is a factor that is easy to overlook. Because your trustee must manage all … [Read more...] about How to Choose A Trustee
When asked if they are going to disinherit their children, most folks reply, “Of course not.” However, many of them do, unintentionally. The Perils of a Blended Family Unfortunately, the unintentional disinheritance of children happens every day. It usually happens in blended families, which are comprised of second, third, or even forth marriages and children from previous relationships. No matter what promises are made or understandings are had, a spouse that is not the parent of all … [Read more...] about How Not to Unintentionally Disinherit Your Children
Like many people, you may decide to incorporate a trust into your comprehensive estate plan. If so, one of the most important steps in creating your trust will be to select a Trustee to administer the trust. In fact, you may not realize just how important choosing the right Trustee is to the success of your trust. To help ensure that you make the right choice, we will explain why your choice of Trustee matters more than you realize. What Is a Trust? A trust is a separate legal entity that owns … [Read more...] about Choosing the Right Trustee Matters More than You Realize
Given how popular trusts have become in recent decades, there is a very good chance that you will choose to incorporate a trust into your overall estate plan. If you do, you will need to choose a Trustee to administer the trust. A common mistake to avoid, however, is failing to also name a successor Trustee. Let's see why naming a successor Trustee is so important. Trust Basics Trusts can be broadly divided into one of two categories – testamentary or living (inter vivos) trusts. Testamentary … [Read more...] about Why Is Naming a Successor Trustee So Important?
A trust creates a special relationship between people and property that the trust owns. The person who created the trust, called the trustor, transfers ownership of his or her property to the trust as the new owner. Trustors are also sometimes referred to as settlors and trust makers. The trustor also states who shall receive the benefit of that property, a person known as a beneficiary, and who shall manage the property for the trust, known as the trustee. But can a trustor also be a … [Read more...] about Trustors, Trustees and Beneficiaries – The Same Person?
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...] about Tips for the First-Time Trustee