Even the smallest trust requires a trustee who can act with competence, diligence, and in accordance with all relevant state laws. While managing a trust can be very fulfilling, you must make sure that you approach your duties as a trustee like you would any other job. Failing to do so can lead to significant consequences for you personally. Here are several common mistakes that some trustees make which you should always try to avoid. Managing trust funds without financial advice As a trustee … [Read more...] about Avoiding Problems as a Trustee
Trust Administration
Estate Privacy and Living Trusts
We recently blogged about how Joe Paterno's estate asked a court to seal the late football coach's will and how the family subsequently released it. This has led some to wonder if there is anything you can do to keep your estate details private. While you cannot normally keep your will private, that doesn't mean there aren't other methods available that provide much more privacy. One of the best of these is to create a living trust, sometimes known as a revocable trust or an inter vivos … [Read more...] about Estate Privacy and Living Trusts
Top Philanthropist of 2011 Died in 2006
Every year the Chronicle of Philanthropy releases its list of the most generous donors. In 2011, the single largest donor was someone who has not been alive since 2006. Margaret Cargill, heiress to one of the nation's largest private companies, gave two different charitable organizations $6 billion to split between them. If you have never heard of Ms. Cargill before, it's quite understandable. Though Cargill has been the nation's largest privately held company for 11 of the past 13 years, it … [Read more...] about Top Philanthropist of 2011 Died in 2006
What is a Revocable Living Trust?
A revocable living trust is a legal document that allows you to avoid probate if properly drafted. Known legally as a “revocable inter vivos trust,” a living trust allows you to retain full control of your property while you are alive. After your death, the assets within your trust pass to your beneficiaries through your appointed trustee. To be legally effective, a legal trust must have trust property or assets at the time of creation. In other words, you will need to place some assets within … [Read more...] about What is a Revocable Living Trust?
Who Makes (Or Doesn’t Make) a Good Trustee?
When choosing a trustee, you need to make sure that you’re making the best choice possible so that your estate planning wishes are carried out. This will give you confidence knowing that your trust’s affairs will be in order. Take a look at the following information, to better understand who makes a great trustee. If you have any questions, or if you need help selecting a trustee, contact an estate planning attorney. You may have difficulty choosing the best trustee. It can be hard … [Read more...] about Who Makes (Or Doesn’t Make) a Good Trustee?
Five Trustee Duties
Many clients come to me to create a trust, and in doing so, they must name a trustee, or in the case of a living trust, a successor trustee, to manage the trust. But what exactly are the duties of a trustee? 1. Fiduciary duties: As a trustee, you are acting in a fiduciary capacity, which means you have the legal obligation to act in the best interest of the beneficiary named in the trust documents. Your actions must reflect this. 2. Carry out the trust terms: The trust is your road … [Read more...] about Five Trustee Duties
