Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
What Happens When You Don’t Trust Your Trustee – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant wealth are not immune to the perils of death without an Estate Plan.
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower the tax burden upon the death of an individual. It’s easy to make costly mistakes if you don’t have an attorney both at the drafting stage and the administration stage of Estate Planning.
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation.
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