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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
How Much Should a Trustee Be Compensated? - ElderLawAnswers Depending on the trust, a trustee’s duties can include managing trust assets, making distributions to beneficiaries, paying taxes, and creating an annual report of all income and distributions Performing these tasks can involve a lot of work, so it makes sense that trustees are compensated for their time
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
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
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
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
What Is the Difference Between a Will and a Trust? - ElderLawAnswers In Nigeria, a Will is more popular than a Trust A Trust doesn't usually stand on its own but as part of a Will and this explains why you have executors and trustees in a Will The implication is that such a Will doesn't come into effect until after the death of its maker and therefore, the Trust can't have any effect while the maker lives
How Estate Plans Can Help Family Members Avoid Legal Battles Co-Trustees Even family members with great relationships and the best of intentions can argue over the administration of your estate All it takes is two inheritors and one grandfather clock Executors must move quickly and decisively to administer an estate because all inheritors are waiting for their share of the payout
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