At one time, 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. It is now common, however, 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 a trust for the first time, you may be a bit … [Read more...] about What Is Involved in Administering a Trust?
Trust Administration — Tips for the New Trustee
One of the most important decisions a Trustor (the creator) of a trust makes is who to appoint as the Trustee of the trust. Ideally, the Trustor discusses the appointment with the proposed Trustee before making the final decision. All too often, however, a Trustor appoints a Trustee without the Trustee knowing about it. If you recently found out that you were appointed to be the Trustee of a trust, and you have never served as a Trustee before, you may be feeling a little intimidated at the … [Read more...] about Trust Administration — Tips for the New Trustee
Explaining the Role of Trustee
One of the most common additions to a well thought out and comprehensive estate plan is a trust. A trust can be used to help accomplish a wide range of estate planning goals, such as incapacity planning, asset protection, and probate avoidance. When you create a trust, you will need to make a number of important decisions. Among the most important of those decisions, however, is the appointment of a Trustee. Unfortunately, people often spend very little time deciding who to appoint as a Trustee … [Read more...] about Explaining the Role of Trustee
Trust Basics: What You Need to Know about Trusts and How One Might Fit into Your Estate Plan
Trust Basics: What You Need to Know about Trusts and How One Might Fit into Your Estate Plan from Raymond German One of the biggest, and most common, mistakes people make when they create a trust is to simply appoint a spouse, adult child, or parent as the Trustee of the trust without considering what being a Trustee actually entails. After considering some of the varied Trustee duties and responsibilities it should be clear why you need to take time to appoint the right person for the … [Read more...] about Trust Basics: What You Need to Know about Trusts and How One Might Fit into Your Estate Plan