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Home » trustee

trustee

Who Should I Appoint as the Trustee of My Living Trust?

April 27, 2016 by Stephen A. Mendel, Estate Planning Attorney

A Last Will and Testament usually serves as the foundation of a comprehensive estate plan. For most people, however, a Will is just the beginning of an estate plan. People often choose to add additional documents and estate planning tools to help achieve a multitude of goals and objectives. Though once used primarily by wealthy families as a method to pass down the family fortune, trusts have become an increasingly popular addition to estate plans for people from all walks of life. If you decide … [Read more...] about Who Should I Appoint as the Trustee of My Living Trust?

Filed Under: Trusts Tagged With: living trust, trustee

Choosing a Trustee – Why an Independent Trustee May Be Your Best Choice

March 11, 2015 by Stephen A. Mendel, Estate Planning Attorney

A trust can be an invaluable addition to any estate plan; however, a trust is only as valuable as the grantor makes it. For this reason, you should use care when making important decisions relating to the trust, such as who you decide to appoint as trustee. Although you may initially lean toward appointing a family member, an independent trustee may be a better choice. People often consider appointing a spouse or adult child as trustee because it seems the easy, logical choice. Only a family … [Read more...] about Choosing a Trustee – Why an Independent Trustee May Be Your Best Choice

Filed Under: Estate Planning, Trusts Tagged With: estate plan, trust, trustee

Investing a Trust

October 1, 2014 by Stephen A. Mendel, Estate Planning Attorney

Trustees do not have an easy job. They are required to invest the assets of a Trust, not according to their own needs and investment goals, but according to the needs and investment goals of the Trust beneficiaries. In most states, how a Trustee should go about doing this is governed by the Uniform Prudent Investor Act, which embraces modern portfolio theory. The key component of modern portfolio theory is that the investment objectives and risk tolerance of the individual investor need to be … [Read more...] about Investing a Trust

Filed Under: Trust Administration Tagged With: trust administration, trustee, trusts

Deciding on a Professional Trustee

January 2, 2014 by Stephen A. Mendel, Estate Planning Attorney

We have discussed before about the possibility that some people might want to consider hiring a professional Trustee to handle their Trusts instead of relying on a friend or family member. That has sparked questions about how to decide in individual cases. The best thing to do is to talk to your attorney about it, but here are some factors the attorney would use to help you make a decision. 1. How large is the Trust? If a Trust is small, then it is probably a waste of resources to hire a … [Read more...] about Deciding on a Professional Trustee

Filed Under: Trust Administration Tagged With: trust administration, trustee, trusts

Choosing Trustees

August 14, 2013 by Stephen A. Mendel, Estate Planning Attorney

If you are creating a Trust, the most important thing that you should consider is who to appoint to serve as a Trustee. In most cases, the best Trustee will be a bank or attorney who can give the Trust professional care. However, professionals cost money and they might not be right for every Trust. For example, if you are creating a small Trust for a grandchild of a few thousand dollars, a professional Trustee is not necessary. If you are not going to hire a professional Trustee, you still need … [Read more...] about Choosing Trustees

Filed Under: Trust Administration, Wills and Trusts Tagged With: creating a Trust, estate planning attorney, trust assets, trust beneficiary, trustee, trusts

Minors Have Immediate Needs

August 7, 2013 by Stephen A. Mendel, Estate Planning Attorney

If you are primarily responsible for a child or grandchild, one of the most important things that you can do is to plan for what will happen if you should suddenly pass away. You should make plans for the long term care and financial well-being of any minors that you care for. You should also make sure that the minors have quick and easy access to funds after you are gone. Many estate planning instruments require time to access. If you leave something to a minor in a Will, for example, then the … [Read more...] about Minors Have Immediate Needs

Filed Under: Estate Planning, Life Insurance, Parents w/Young Children, Wills and Trusts Tagged With: assets, creating a Trust, estate planning attorney, financial well-being of minors, life insurance, life insurance policy, long tm care, plan, probate, Trust as the beneificiary, trustee, trusts, will

Burden of Proof in Trust Disputes

February 13, 2013 by Stephen A. Mendel, Estate Planning Attorney

If you have been appointed as a Trustee of a Trust that has other people as beneficiaries, you need to exercise extreme care and caution about how you handle the Trust assets. This is especially the case if you make transactions for the Trust that could be seen as self-interested. In Texas, the law is not on the Trustee's side if a dispute over the transactions arises. In an ordinary civil lawsuit, the plaintiff has the burden to prove that the defendant committed the act complained of. … [Read more...] about Burden of Proof in Trust Disputes

Filed Under: Trust Administration Tagged With: Estate Planning, estate planning attorney, trust administration, trust beneficiary, trustee, trusts

Appoint a Trustee You Can Trust

July 18, 2012 by Stephen A. Mendel, Estate Planning Attorney

If you have a trust, it is extremely important that you appoint someone responsible as the person to take over as trustee when you are no longer able to do so. It is called a "trust" for a reason. You need to appoint someone trustworthy who will look after the trust's financial interests. Consider the current issue surrounding the trust of Susan Strong Davis. She is 87 years old and has dementia, so she is no longer handling her affairs or her trust's. Instead, a man named James E. Larkin whom … [Read more...] about Appoint a Trustee You Can Trust

Filed Under: Incapacity Planning, Trust Administration Tagged With: Elder Law, incapacity planning, trustee

Elderly Residents Warned of Living Trust Scams: Part 1 of 3

January 23, 2012 by Stephen A. Mendel, Estate Planning Attorney

Beware of living trust scams targeting elderly residents across the nation. A living trust is a written legal instrument allowing you to place your assets into trust for the benefit of your beneficiaries. A trustee manages the living trust on your behalf. The written instrument earns its name from the fact that you create a living trust while you are still living. A living trust may be irrevocable or revocable. You may not alter or revoke an irrevocable living trust document, unlike a revocable … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 1 of 3

Filed Under: Elder Law, Trust Administration, Wills and Trusts Tagged With: creating a Trust, Estate Planning, revocable living trust, trustee, trusts

Qualities to Look for In a Successor Trustee

February 25, 2011 by Stephen A. Mendel, Estate Planning Attorney

Your Successor Trustee is the person you’ll appoint to step in and take over the property owned by your Revocable Living Trust in the event of your disability or death.  The person you choose will have an important and possibly complex job to do, and you’ll want to make your selection wisely.  Here are just a few of the qualities you’ll want to consider when choosing a Successor Trustee: Organized: Your Successor Trustee will likely be in charge of financial accounts and investments as well as … [Read more...] about Qualities to Look for In a Successor Trustee

Filed Under: Wills and Trusts Tagged With: revocable living trust, trustee

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