Question: My brother-in-law passed away. His sister was his power of attorney and a trustee of a special need trust. After she became p-o-a she changed his beneficiary of an iron worker’s [...]
Question: I’m the trustee of a rental property worth $120,000 and brings in $1,400 a month. Do I charge a fee based only on the value or also the income and what percent? Response: In your [...]
Question: My mom and dad’s trust states that the only way trustees can be compensated is if all beneficiaries agree with doing so. Is that binding? Response: That’s an interesting [...]
Question: As a named trustee, I believe my duties will be to liquidate property and other assets, file final taxes, and distribute the estates funds to the beneficiaries. If so, I am looking for [...]
Question: Our firm has been attorney for a Credit Shelter Trust for a deceased client over 30 years ago. A member of the firm had always been a co-trustee until last year. Client’s widow [...]
This article describes the types of accounts trustees must maintain. But the next question is, who’s entitled to receive copies of accounts prepared by the trustee? The Uniform Trust Code [...]
Trust accounts or “accountings” can take a number of forms. The simplest is simply to share bank and investment information with beneficiaries and anyone else entitled to trust [...]
In choosing a trustee, the considerations are somewhat different depending on whether your trust is revocable or irrevocable. If you have a revocable trust, you will probably serve as its [...]
Question: My sister is trustee of my mother’s trust. There were assets of approximately $16 million gross. My sister has taken trustee fees totaling $175,000. She initially told all the [...]
Question: The following statement regarding the appointment of successor trustees from a trust has led to some confusion: The initial Trustee is John W., then Edna L., then Susan K. shall serve [...]
