Given the numerous and varied objectives that can be furthered with a trust agreement, it should come as no surprise that many people include at least one in their comprehensive estate plan. While there are numerous types of trusts, including many that target very specialized goals, there are some elements that all trust agreements have in common, including the appointment of a Trustee. The Trustee’s overall job is to administer the trust. If you find yourself appointed to be the Trustee of a … [Read more...] about What to Focus on during Trust Administration
Trusts have been around for a very long time. Although once used almost exclusively by wealthy families, trust agreements are now commonly found in the average person’s estate plan. While there are several different types of trusts and a wide variety of specialty trusts within those broader categories, one thing that all trusts have in common is a Trustee. If you find yourself appointed to the position of Trustee for the first time you likely have questions and concerns about fulfilling your … [Read more...] about Trust Administration Checklist for the First-Time Trustee
Most people are familiar with the concept of a trust; however, the thought of creating a trust can be a bit intimidating. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. The Woburn trust attorneys at Legacy Care Law Firm explain some commonly used trusts and the estate planning goals they can help you accomplish. Testamentary Trusts A testamentary … [Read more...] about Which Type of Trust Do I Need?
Trustee Duties and Responsibilities If you have never served as the Trustee of a trust, it helps to first gain a general understanding of your duties and responsibilities. Overall, a Trustee’s job is to protect and manage the assets held by the trust and administer the trust using the terms created by the Settlor in the trust agreement. Some of the specific duties and responsibilities a Trustee has include: Trustee Liability for Mistakes and Errors As a first-time … [Read more...] about Can I Be Personally Liable If I Administer a Trust?
Over the last several decades, trusts have grown in popularity to the point where it is now common to find a trust included in the average estate plan. Although trusts have also evolved to the point where there are now numerous specialized trusts aimed at accomplishing very specific estate planning goals, all trusts have a few basic elements in common, including the need for a Trustee to handle the administration of the trust. Because the Settlor appoints the Trustee, almost anyone can be a … [Read more...] about Do I Need an Attorney to Administer a Trust?
If you choose to include a trust in your comprehensive estate plan you will need to appoint a Trustee to administer the trust. While this may sound like a simple task, choosing the wrong person to administer a trust can cause or contribute to the failure of a perfectly drafted trust agreement. Given the importance of choosing the right Trustee, the Beverly trust attorneys at Legacy Care Law Firm help you decide who your Trustee should be. What Is a Trust? A trust is a legal … [Read more...] about Who Should Be My Trustee?
One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. This is also where many people the mistake of appointing a spouse or close friend to the position without objectively considering the individual’s qualifications for the job. The North Andover trust attorneys at Legacy Care Law Firm explain why you might want to appoint a professional Trustee. What Does a Trustee Do? The overall job of a Trustee is to protect and grow the … [Read more...] about Why Should I Appoint a Professional Trustee?
One of the most common additions to a well thought out estate plan is a trust, sue in large part to the fact that a trust can accomplish such a wide range of estate planning goals. In order to know whether a trust could be a beneficial addition to your estate plan, you need to better understand your trust options and how each type of trust operates as well as the various benefits each type of trust offers. The North Andover trust attorneys at Legacy Care Law Firm explain when an irrevocable … [Read more...] about How Are Capital Gains Taxed In An Irrevocable Trust?
Your initial estate planning efforts may consist of nothing more than executing a Last Will and Testament that ensures your assets will be distributed according to your wishes in the event of your sudden death at an early age. You will, however, undoubtedly elaborate on that plan as you acquire more assets and as your family expands. Eventually, your estate plan will likely include a wide range of estate planning tools, one of which may be an incentive trust. The North Andover trust … [Read more...] about How Can an Incentive Trust Help Me?
As both your estate and your family grow, so will your estate plan through the addition of estate planning tools and strategies that can help accomplish additional goals. One of the most common of those additional tools is a trust agreement. If you create a trust, someone must administer that trust. The North Andover trust attorneys at Legacy Care Law Firm explain Trustee compensation for administering a trust. Trust Fundamentals A trust is a legal relationship where property is held by … [Read more...] about How Much Does a Trustee Get Paid?