FAQs

A Last Will and Testament typically serves as the foundation of an initial estate plan. At some point, however, you may wish to consider switching to a trust as your primary asset distribution method. If your estate is small enough to qualify for small estate administration, and you do not have minor children (nor plan…

It can be tempting to use a fill-in-the-blank legal form found on the internet to create a trust; however, doing so may cause far more problems than it solves.  Without the advice of an experienced estate planning attorney during the drafting of your trust agreement, the likelihood of you ending up with an agreement full…

A trust agreement is a legal document used to create a trust. Within the trust agreement are the terms, created by the Settlor, that dictate how the trust will operate. Trust administration refers to the Trustee’s job of overseeing the terms of the trust in action. Generally, the more complex and/or valuable the trust assets…

A trust can help achieve a wide range of estate planning goals; however, some of the more common uses for a trust include: Avoiding probate Incapacity planning Special Needs Planning Asset protection Medicaid planning Planning for parents with minor children Pet planning Blended Family Planning

Your Trustee should have experience in the legal and/or financial field because many of the Trustee duties require at least a basic understanding of law and finance. Instead of simply appointing someone you “trust” as your Trustee, appoint someone who can administer the trust efficiently and economically. You may even wish to consider appointing a…

The Trustee is responsible for administering the trust and managing the trust assets. Some of the specific duties and responsibilities of a Trustee include: Following all trust terms (unless they are illegal, impossible, or unconscionable). Communicating with beneficiaries. Investing trust assets using the “prudent investor” standard. Managing trust assets. Distributing trust assets. Keeping trust records.…