A Brief Overview of a Trustees Duties - ElderLawAnswers Trustees are entitled to reasonable fees for their services Family members often do not accept fees, though that can depend on the work involved in a particular case, the relationship of the family member, and whether the family member trustee has been chosen due to his or her professional expertise Determining what is reasonable can be
How Much Should a Trustee Be Compensated? - ElderLawAnswers In addition to compensation for their work, trustees are also entitled to reimbursement for any expenses that they might incur in the course of performing their duties, including travel, storage, insurance, or taxes If the beneficiaries are unhappy with the fees the trustee receives, they can challenge them in court
Estate Planning: What Is a Revocable Trust? - ElderLawAnswers To place bank and investment accounts into your trust, you need to retitle them as follows: “[your name and co-trustee’s name] as Trustees of [trust name] Revocable Trust created by agreement dated [date] ” Depending on the institution, you might be able to change the name on an existing account
5 Rights That a Trust Beneficiary Has - ElderLawAnswers Trustees have an obligation to balance the needs of the current beneficiary with the needs of the remainder beneficiaries This can be challenging to manage Right to end the trust – The beneficiaries of a trust can petition the court to end the trust if they all agree This is possible in certain circumstances
What Is the Best Way to Make Sure a Trustee Follows . . . - ElderLawAnswers But in other ways the answer is simple Do the best you can now in picking a trustee but also make sure there is a mechanism in the trust that permits you and your husband to change trustees while you're alive and for your son to do so after you have both passed away or are no longer competent
How to Choose a Trustee - ElderLawAnswers Professional Trustees If you don't know anyone who meets these qualifications, you can look into hiring an independent trustee This can be an individual or an institution with no beneficial interest in the trust Some examples include: A bank or trust company; A professional trustee; An investment advisor or manager; An investment banker; An
Can Creator of a Revocable Trust Make Changes? - ElderLawAnswers The creator of a revocable trust, often called the "grantor," "donor," or "trustor," can make whatever changes she wants She does not have to tell the beneficiaries that she is changing trustees, but she does need to inform the current trustee Otherwise, the trustee may continue acting in that role with no knowledge that she has been removed
Can Trustees Deliberately Keep Assets from Beneficiaries? - ElderLawAnswers Trustees are not allowed to conduct transactions unless they are authorized by the trust terms A If the trustee won’t provide it, seek a court order that forces them to share all information regarding the assets in the trust, including records of financial transactions and tax filings
What Is a Gun Trust?: Estate Planning Q A - ElderLawAnswers Trustees must also be eligible to own firearms Violating the NFA is a felony Felons, recipients of a dishonorable discharge from military service, and people who have been deemed incapacitated cannot possess a gun or be a beneficiary of a gun trust
9 (Potential) Problems with Your Trust - ElderLawAnswers Do you have the right successor trustees? Typically, you will be the trustee of your own revocable trust with your spouse as co-trustee (if you're married) Trusts should name one or more successors in the event the original trustee or trustees are unable to serve Make sure that you still want the successors you originally named