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A Brief Overview of a Trustees Duties - ElderLawAnswers Trustees are entitled to reasonable fees for their services Family members often do not accept fees, though that can depend on the work involved in a particular case, the relationship of the family member, and whether the family member trustee has been chosen due to his or her professional expertise Determining what is reasonable can be
5 Rights That a Trust Beneficiary Has - ElderLawAnswers As a trust beneficiary, you may feel you're at the mercy of the trustee However, depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed Trustee vs Beneficiary A trust is a type of legal arrangement in which one person, called a settlor or grantor, gives assets to another person, known as a trustee (Note that a trustee can be a person or an
How to Choose a Trustee - ElderLawAnswers If you aren't comfortable with having a stranger manage the trust, it may be possible to choose a family member and a professional trustee as co-trustees The downside to hiring an independent trustee is that the trustee will charge a fee, which is usually a percentage of the trust
Estate Planning: What Is a Revocable Trust? - ElderLawAnswers What powers should the trustees have? Work With an Estate Planning Attorney You'll have to decide on these and other issues when setting up a trust More complex trusts designed for tax and asset protection purposes present even more choices To draft a revocable trust, be sure to consult with a qualified estate planning attorney
Can Trustees Deliberately Keep Assets from Beneficiaries? Ask for an accounting If the trustee won’t provide it, seek a court order that forces them to share all information regarding the assets in the trust, including records of financial transactions and tax filings You can hire an attorney to guide you through the process What is an Accounting? An accounting is a detailed report of all income, expenses, and distributions from a trust The
Can Creator of a Revocable Trust Make Changes? - ElderLawAnswers The creator of a revocable trust, often called the "grantor," "donor," or "trustor," can make whatever changes she wants She does not have to tell the beneficiaries that she is changing trustees, but she does need to inform the current trustee Otherwise, the trustee may continue acting in that role with no knowledge that she has been removed The trust instrument may provide guidelines on
What Is a Trustee in Estate Planning? - ElderLawAnswers A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust Being a trustee is a significant responsibility Those serving in this role must always act in the best interests of beneficiaries when carrying out their trust management duties, which include locating and protecting trust assets, investing assets prudently, distributing money and
What Is the Best Way to Make Sure a Trustee Follows the Trust Rules? Do the best you can now in picking a trustee but also make sure there is a mechanism in the trust that permits you and your husband to change trustees while you're alive and for your son to do so after you have both passed away or are no longer competent
9 (Potential) Problems with Your Trust - ElderLawAnswers Do you have the right successor trustees? Typically, you will be the trustee of your own revocable trust with your spouse as co-trustee (if you're married) Trusts should name one or more successors in the event the original trustee or trustees are unable to serve Make sure that you still want the successors you originally named