Trust protectors ensure that trustees maintain integrity, make solid distribution and investment decisions, and adapt the trust to changes in the law and circumstance.
When administering a trust, the trustee might encounter situations in which they need to convert trust assets into cash to provide liquidity to the trust. This could mean selling stocks, bonds, real estate, or other high-value assets to generate funds. Though this decision must be based on prudent investor rules or standards and be in the best interest of the beneficiaries, trustees generally don't need beneficiary approval to liquidate or sell trust property.
What happens if someone passes away before their debt is paid off? Or, what if someone loans a friend money and that friend dies before the loan is paid off? Can someone else collect on these debts? If your loved one dies and you believe they were owed money at the time of their death, keep the following in mind...
If the duty of handling outstanding accounts falls on you, we're here to help. This article lists steps you can take to identify accounts and figure out what to do with them.
A trustee's work can be time-consuming and complicated. So, many people choose to hire a professional fiduciary to be their trustee. Sometimes this is a bank, a professional trust company, or an estate attorney. When looking to hire a professional to serve as your trustee, the following are several questions to keep in mind.
If you are thinking about establishing a trust, you need to select a trustee—someone who is charged with administering the trust according to your wishes.
A properly structured estate plan will help to fulfill your specific goals and wishes for asset control and distribution during your lifetime and after your death.
