Is being a trustee a lot of work?
Being a trustee may or may not be a thankless task. Usually the trust will provide for reasonable compensation for serving as trustee. However, if you are trustee and are doing a lot of work and there are other beneficiaries, you may want to determine a reasonable compensation for serving as trustee.
Why are siblings not allowed to be trustees?
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended. No one wants to have to write to their brother or sister to ask for money.
Are there any conflicts of interest with trustees?
The first problem is the potential conflict of interest that can arise. Depending on the way the trust is set, there can be a situation, where the person that’s the trustee overseeing the money for their brother or their sister, will receive a windfall if that money is not actually given to that brother or sister.
How to prove that a trustee is stealing from a family trust?
To prove that a Trustee is stealing from a family trust, we would typically look for evidence that the trustee made transactions or payments that benefited him/her/itself but did not benefit the trust beneficiaries.
Can a sibling win in a trust case?
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended.
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended. No one wants to have to write to their brother or sister to ask for money.
The first problem is the potential conflict of interest that can arise. Depending on the way the trust is set, there can be a situation, where the person that’s the trustee overseeing the money for their brother or their sister, will receive a windfall if that money is not actually given to that brother or sister.
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended.
Why are siblings denied distributions from a trust?
Distributions being denied because the sibling believes (rightly or wrongly) that any money held by the trust when the other siblings die will pass on to the trustee’s direct family. 3.