Category: Trustee
An estate plan can be excellent – but a poor choice of a trustee could ruin it all. The task of making sure the assets of a trust are handled well with appropriate investment and distribution to beneficiaries is the responsibility of a trustee. However, if the trustee does an irresponsible or poor job then […]
Many banks and financial services companies offer a variety of services related to creating and managing trusts. When large trusts are established for minor children, it is necessary to use a professional trustee, but there are no guarantees that the professional trustee will carry out their fiduciary duties appropriately. Tragically, seven year old Angela Militello […]
Being asked to serve as trustee of a family member’s trust might sound like an honor. It involves stepping into the shoes of the person who created the trust to play an important role. But is the role right for you? Are you up for the job? You may feel flattered if asked to serve […]
Selecting an individual to serve as a trustee is a challenging process, and the usual default is to a family member. But that’s not always the best solution. Here are some points to consider on the selection of a trustee. One of the toughest decisions in estate planning centers on selecting a trustworthy family member […]
If figuring out the price of a car is tough, try setting up a trust. Published fee schedules offer some guidance, but since each firm includes different things, it’s like comparing poodles with pigs. The kind of deal you get depends on how much money you have, the complexity of the assets, and how badly […]
People often fight over trusts for a wide variety of reasons. One of the most frequent conflicts over trusts occurs when the trustee and the beneficiaries do not see eye to eye. The person who creates a trust is always the beneficiary of the trust, especially after he or she dies. Yet, it is usually […]
When a current trustee is unable to serve, the vacancy is filled by a successor trustee. What happens if a trustee is no longer able to carry out their trust responsibilities? After the initial trustee passes away, or becomes incapacitated, someone else should be designated as the successor trustee. However, the successor trustee often does […]
The children of late billionaire Richard Mellon Scaife are accusing their father of misspending a family trust fund–one worth $210 million–to keep his newspaper printing. The executor of their father’s state vowed to fight the children in court and called their allegations “outrageous, frivolous and contrary to the terms of the trust.” Trusts can be […]
Choosing a trustee is hard — but getting rid of one is harder. Beneficiaries who choose to switch trustees can find the process costly, drawn out, and unpleasant. But it may be getting a bit easier. Can you swap your trustee for a new one? Many good reasons exist for why a trust beneficiary might […]
The court-appointed trustee seeking to recover money for bilked investors began taking aim at Andrew Madoff’s money even before his Sept. 3 death from mantle cell lymphoma. Two federal officials also said Madoff would have likely faced tax evasion charges if he had not died. Have you ever heard of a clawback? When investors are […]
