The duty to follow the written trust instrument is fundamental to a successful trusteeship. This duty requires a trustee to, “carry out the directions of the testator or the settlor as expressed in the terms of the trust.”[1] If a trustee’s actions are questioned, a court will look to the trust instrument when assessing whether a trustee […]
Trustees are given certain responsibilities and duties when administering a trust. These responsibilities can vary depending upon the trust instrument or document, but there are a few duties that apply broadly to all trustees. This article will cover the two main duties, those of Loyalty and Care, that all trustees must understand before accepting the […]
When I flip through Entertainment Weekly, I don’t typically see any topics related to estate planning. However, in this past week’s edition, a very short write-up on a new television series caught my eye: The Will: Family Secrets Revealed?! The cable channel, Investigation Discovery, is premiering this eight-week series beginning today, Wednesday, November 3rd at 8pm (CST). […]
Selection of the appropriate trustee is often an emotional decision. While many grantors may feel that naming someone outside the family to act as trustee may be seen as a “vote of no confidence” for their family, they should instead view that decision as both loving and prudent. Simply put, when a grantor names a […]
So often clients come to us for help with an estate plan, convinced that a living trust is necessary because they have heard that it is the ideal tool to assure avoidance of a ‘dreaded’ probate proceeding. Many believe that probate is expensive, time-consuming and overwhelming. Therefore, a living trust, coupled with a pour-over will, […]
While most estate planning attorneys prefer that clients review their estate planning documents on an annual basis to ensure that all key information is kept up-to-date, it is evident that this is not always the case. Since more often than not clients have their estate plans drafted and then file the documents away, never to […]