What can a trust attorney do for a trustee?
And that is good. Because that attorney will help the Trustee file all required tax returns, to marshal all the assets, to pay off the liabilities, to do a proper accounting, to get distribution ready, to get waivers if waivers are needed. Those are the types of things that a Trust Attorney will do for that Trustee.
Who are the beneficiaries of a small trust?
What is a Small Trust? A trust is an estate management tool that puts one person in charge of a piece of property for the benefit of other people. The person in charge of the property is referred to as a trustee. The individuals who receive the benefit are referred to as beneficiaries.
What happens if the trustee does not follow the trust terms?
In other words, they’re saying the Trustee has not followed the Trust terms, the Trustee has damaged the Trust assets to some extent. Well, this is a very serious charge against the Trustee. And so the Trustee has a little bit of a predicament with who do they have represent them in the claims that the Beneficiaries are making against the Trustee?
Can a trust beneficiary sue a trustee?
You have a Trustee after Mom and Dad have passed away and the Trustee is administering the Trust as the Trust terms state. But, maybe the Trustee’s brother and sister don’t agree with the things that the Trustee is doing. And they end up filing a lawsuit against the Trustee for breach of fiduciary obligation.
Who is the legal owner of a trust?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
Which is the best way to hire an estate attorney?
Here are a few tips to hire an estate attorney: You don’t have to hire the first estate attorney you talk to. Personality matters. As an executor, you will have to work with the estate attorney, so make sure the estate attorney you hire is someone you trust and respect. Ask about the fees. How will the estate attorney be compensated for her work?
What are the responsibilities of a trust trustee?
Trustees have many responsibilities, which include at least: Confirming key elements upon assuming the role of trustee: Ensure the assets are safe and under your control, that you understand the terms of the trust and who the beneficiaries are, and that all past account records are in order.
When to hire an executor or a trustee?
If you don’t feel you can carry them out effectively, you may be able to hire a professional to help carry out the duties or step down and allow someone else to assume the tasks. Each state has different rules and each situation is unique, so you should always consult with an attorney or tax advisor.