Can a lawyer be trusted as a trustee?
The lawyer’s legal and ethical training, and knowledge and expertise can provide added value to the client and particularly where you have long-standing relationships with a client, you may be familiar with family dynamics and conflicts and who can be trusted and who can’t be trusted much better than anyone, sometimes any other family member even.
Who is the best person to serve as a trustee?
And there are many reasons that a lawyer might or might not do that. For instance, the drafting lawyer might be the best person to serve as the trustee in the client’s will or trust because the lawyer knows the terms of the will and trust better, probably, than anyone else, including the client.
Can a living trust be a conservator?
Living trusts also avoid conservatorships, they say, because if you become disabled, a trustee is already in place to manage your trust assets for you. And, especially, you won’t have to deal with lawyers and courts.
Who are the stakeholders in a living trust?
There are three stakeholders when you create a living trust: you (the creator) and the trustee, the successor, and the beneficiaries. The trustee is legally bound to ensure all assets are managed and distributed in accordance with creator’s terms. People name themselves and a spouse as initial trustees.
Who is the trustee of a living trust?
A living trust is a common type of trust used to transfer trust property to beneficiaries without probate. After you make a living trust, you transfer property into the trust and you become the trust’s trustee. A living trust is revocable, so you can change it during your lifetime.
Do you need an attorney to create a living trust?
A living trust is created with a trust document or instrument. You may be able to create this yourself, but it makes sense to work with an attorney to create your trust in some situations. A living trust document must contain the following items to be valid:
And there are many reasons that a lawyer might or might not do that. For instance, the drafting lawyer might be the best person to serve as the trustee in the client’s will or trust because the lawyer knows the terms of the will and trust better, probably, than anyone else, including the client.
Living trusts also avoid conservatorships, they say, because if you become disabled, a trustee is already in place to manage your trust assets for you. And, especially, you won’t have to deal with lawyers and courts.