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Is the Trustee Accessible?
Does the trustee you are considering have enough time in their schedule to handle the responsibilities required by the trust? It is important for a trustee to be responsive and accessible. The beneficiary and trustee will need to communicate often if distributions are likely to be made on a regular basis. Administering a trust can…
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Does the Trustee Have Adequate Resources?
Trust administration is an important job, and you should satisfy yourself that the person you appoint as your trustee is well-equipped to fulfill the role. The trustee should have a good system for trust accounting. Trust funds must be held in a separate account and the trustee must keep separate records of income and principal,…
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Red Flags When Hiring a Professional Trustee
When you form a trust as part of your estate plan, one important decision you will make is who will oversee the trust’s management when you are no longer able to manage it (also known as your successor trustee). Because a trustee’s work may be time-consuming, complicated, and risk liability, many people consider naming a…
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What Types of Trustees are There?
An initial trustee is the decision maker that immediately starts managing the trust’s property. You may choose to be the initial trustee of a revocable living trust. However, for some types of irrevocable trusts, you will need to select someone else to be trustee. The successor trustee is the next in line to manage the…
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Beneficiary as Co-Trustee
Another option that provides enhanced protection for the trust’s assets is to name the beneficiary as a trustee authorized to manage and invest the trust’s assets, and to name an independent co-trustee (sometimes called a distribution trustee) who is responsible for making discretionary trust distributions to the beneficiary. Although it is more complicated and expensive,…
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Pros of Beneficiary-Controlled Trusts
If you want to provide an inheritance to a mature child or loved one that you trust making wise financial decisions, consider a beneficiary-controlled trust. Even beneficiaries who handle money wisely could encounter situations in which their money and property are vulnerable to creditors’ claims, divorce, lawsuits, or estate taxes: a beneficiary-controlled trust can protect…
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What is a Trust?
Often touted as an alternative to a will, a trust is a legal structure that owns your accounts and property or is named as the beneficiary of certain accounts and property (like a retirement account) and is managed by a trusted decision maker, also known as a trustee, on your and your beneficiaries’ behalf. A…
Category: Trustee
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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