When Are Staged Withdrawal Rights a Bad Idea?

Mary wanted her children to benefit from the comfortable net worth she had built. Fortunately for them, she consulted with an estate planning attorney. She considered setting up trust funds for her children but was unsure how to handle the payouts:  outright or through staged withdrawal rights? First, What Does ‘Staged Withdrawal Rights’ Mean? Trust assets are disbursed to beneficiaries at some point. When a trust Read More

Qualities to Look for in a Trustee

Edward N. faced a dilemma while preparing his estate plan. He needed to name someone to serve as trustee of his family trust. Fortunately, he had several close friends and family members who might be suitable. However, he had trouble choosing one over another. Edward wondered what qualities his trustee should possess. The first thing Edward learned is that a trustee’s duties vary. The trust document used to Read More

Know the Facts Before You Say Yes: Agreeing to Serve as Trustee

When a friend or loved one asks us to do something, we often say yes without giving the request any deep thought. But some requests carry with them responsibility and even potential liability, like being named an agent in a durable power of attorney or the trustee to a trust. If you’re thinking of agreeing to serve as trustee, there are some important factors to consider. The trust document is a legal document Read More

What Happens to a Trust After Death?

Trusts are a common, yet diverse, estate planning tool. There are trusts for different purposes, with different terms and provisions. Some trusts, called testamentary trusts, are created by the settlor’s Will after his or her death. But many trusts are established during the lifetime of the settlor. When you consider establishing a trust, it’s important to know what happens to a trust after the death of the Read More