Being appointed as a trustee is an honor, but it also comes with significant responsibilities that may catch those unfamiliar with the process off-guard. The process often seems complex at first, especially because trustees have a fiduciary duty to manage and protect the assets of a trust while balancing the expectations of the beneficiaries. However, with the right guidance and preparation, even first-time trustees Read More
All You Need To Know About the Role of Executors and Trustees
If you’re writing your will and want your assets to be distributed as desired, then while completing the paperwork, you may come across terms like trustee and executor. It is crucial to understand the executor and trustee's role to navigate the will-writing process smoothly. Plus, it also helps ensure that the probate process after your demise is carried out seamlessly. So, continue reading for more clarity Read More
How to Deal with Embezzlement in the Family Trust
Embezzlement in trust occurs when an individual steals from the family trust. Unfortunately, this problem is more common than you might think. Such embezzlement is considered to be a crime and is punishable by law. It involves the misappropriation of funds belonging to the trustee or beneficiary. Read More
Can I Remove An Estate Executor From Their Role?
When someone passes away, someone has to be responsible for carrying out the terms of their will. Estate executors are expected to be neutral, and act in the best interest of all the recipients of the will. However, they are usually acting unsupervised, and can sometimes be biased when carrying out their duties. Read More
The Process Of Removing A Successor Trustee
If you’re a beneficiary of a family trust or a creator or co-trustee and you think a trustee isn’t acting properly, then you can remove them. Read More
Can a Trustee Transfer Property to Themselves?
When you establish a trust, you can place assets into it for a designated beneficiary and name a trustee to manage that property. Once property is transferred to a trust, the trust itself becomes the rightful owner. If the trust is irrevocable, you can no longer control or claim the assets. This arrangement can facilitate the transfer of assets after your death, reduce tax liability and, in some cases, protect that Read More
A brief outline of irrevocable and revocable trusts
Some New York residents may find that establishing a living trust is an attractive option for guiding asset disbursement upon death while avoiding a potentially frustrating probate process. For an individual considering a revocable or irrevocable trust, understanding some basic points regarding these trusts can help an individual to approach the subject more gracefully with a financial advisor or attorney. Read More
