Client Alert

What are the Fiduciary Duties of a Trustee?

You often hear the phrase, “fiduciary duty,” but what does that mean when it comes to managing a trust? First and foremost, trustees, are bound by a fiduciary duty to the beneficiaries of a trust. Under the law, there are three elements of fiduciary duties involving a trust: a duty of loyalty, a duty of care and the duty of full disclosure. The duty of loyalty refers to the trustee’s […]

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Client Alert

How to Pick the Right Executor or Trustee

Choosing an executor and trustee can be a difficult decision to make. According to some financial planners, “Your estate plan is only as good as your executor or trustee.” The person you select will be responsible for managing the trust for your beneficiaries and ensuring that your wishes are executed. To avoid mismanagement of your estate plan, consider these five qualities when choosing an executor or trustee: 1. Business or […]

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Client Alert

Are The Trustee’s Fees Reasonable? Here Is How To Tell

If you currently serve as a trustee, you know how time-consuming the administration process can be. You must maintain strict documentation regarding trust transactions and, in some cases, appear as the estate’s representative in court. However, if you are the beneficiary of an estate, you may be questioning your own trustee’s fees. After all, we have often heard of cases where trustees charge exorbitant fees and abuse their power. By […]

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Client Alert

Ask Yourself These Questions Before Assuming The Role Of Executor

Just because you have been named the executor of an estate does not mean that you must accept the position. In fact, before you do, you should decide if you are best-suited to assume the role. Being the executor of a high-asset estate comes with far greater challenges than many executors of small estates will face. With so much on the line, it is critical to take a step back […]

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Client Alert

Be Selective When Appointing A Fiduciary Of Your High-Asset Estate

Even in the early stages of the estate planning process, many of our clients already have a fiduciary or fiduciaries in mind they want to name in their plan. A fiduciary or fiduciaries are trustees who are named in a trust or executors who are appointed in a will. However, deciding on a fiduciary is not a decision that should be made on a whim. There are some critical aspects […]

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Client Alert

Important conversations for personal representatives

How the probate process goes for a complex estate is impacted by many things. This includes the actions of the personal representative selected for the estate. This person serves many important roles during the probate process. This includes the management of the estate and its distribution. There are many conversations that it can be very important for such individuals to have during the probate process. For one, good communication between the […]

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