Choosing the right successor trustee is one of the most important decisions you will make when creating a trust. Your successor trustee will be responsible for managing your trust’s assets when you are no longer able to do so, whether due to incapacity or death. Selecting the wrong person can undermine your carefully laid plans and lead to family conflict, financial mismanagement, and even legal disputes.
Protect your legacy with 4 tips to help you avoid a will or trust contest. Thoughtful planning can minimize legal challenges.
Estate planning plays a crucial role in protecting your assets and ensuring your loved ones are cared for when you’re no longer here. But when it comes to estate planning attorneys and probate attorneys, many people aren’t sure which type of lawyer they need—or if they need both.
Before setting up a revocable living trust, you should understand what you can—and cannot—do in your dual role as trustor and trustee.
Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.
When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell property, provide for your loved ones, keep accurate records, and generally keep things organized and in good order.
When establishing a trust, you must give serious thought to who you choose as your successor trustee—the person who will manage, invest, and hand out the trust’s accounts and property once you are no longer able to do so. Even the most capable, well-intentioned successor trustees can make mistakes when managing affairs, however. Here are five surprisingly common mistakes along with steps to take to prevent them from happening.
What’s the role of successor trustees, professional fiduciaries, guardians, and personal representatives? What’s the difference between a health care agent and a financial agent? Read this article to learn more about these important roles.
Irrevocable trusts can be modified through a court order. Many people share the misconception that the name implies absolute permanence. Yet, changes in laws, family, trustees, or financial circumstances can warrant alterations. Errors in the trust document may also arise, prompting a need for modifications, even in irrevocable trusts.
Trust decanting provisions are important to allow flexibility when dealing with irrevocable trusts. Some estate plans contain irrevocable trusts for the benefit of a spouse or other family members that may need some changes to ensure the plan still meets beneficiaries’ needs.
