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trust administration Archives

What responsibility do you have as a trustee?

If you agree to be named as the trustee to a trust someone sets up, then you are agreeing to a number of responsibilities. It's not something you should take on lightly -- the word "trust" is embedded in the title, so you know that it's something that should be taken seriously.

What kinds of trusts are there?

Everyone will pass away eventually, and because of that, looking into your estate planning options early is something you may need to do. If you're considering creating a trust, you may be overwhelmed by the options. Your attorney can help you open any one of a number of trusts, but you first need to know what kinds are available.

What are some trust mistakes you can make?

Setting up a trust for your child or children is a great way to fund things such as a college education or ensure your minor children are cared for if something happens to you. Making a simple or major mistake when creating a trust for a child can mean serious issues down the road, and you can't always go back to correct those mistakes.

What's the importance of a fiduciary?

One of the things you should do when building your estate is to determine who will be your fiduciary. This is an important role that not just any person should have. Here are some of the jobs the fiduciary has that you should consider before having your attorney designate this party in your will or trust.

Business trusts can save your business after death

When you're thinking about your business, trusts and estate, one thing you might want to consider is how your business may change after your death. Developing a trust to support your business isn't a bad idea, and planning this with your estate can help your business continue long after you pass.

What is a special needs trust?

A special needs trust is one set up to benefit an individual who is receiving government benefits. The special needs trust is a perfectly legal strategy that Social Security laws permit as long as the beneficiary of the trust is not given control over the frequency of disbursements or amount of disbursements made from the trust, and does not have the ability to revoke the trust.

Estate planning for the terminally ill

If you are suffering from a terminal illness you will be dealing with a lot of heartache and personal growth challenges. You will also be dealing with some very serious estate planning challenges. If you are healthy enough to take care of your personal affairs, there are some important considerations you will want to keep in mind.

What's a living trust?

In order to understand what a living trust is, first you need to understand what a trust is in general terms. A trust is a special legal document that allows for the management of property for the benefit of others -- property that is typically surrendered to the ownership of the trust by the creator of the trust.

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