Your pet is more than just an animal, they are your family. They are a living, furry confidant who has provided you joy like no other. Yet, have you considered what may happen to your animal companion if something unexpected happens to you? Few people do. In...
Helping You Through Times of Change
Trusts
Should you create a trust when you already have a will?
When creating their estate plan, many individuals believe that a will is sufficient to ensure their wishes are carried out after their passing. However, this is a common misconception in estate planning. While a will is an essential component of an estate plan, it is...
The consequences of a trustee’s breach of duty by ignorance
The fiduciary duty that comes with handling trusts requires trustees to act with competence and knowledge when performing their responsibilities. These qualities allow them to manage the trust properly and efficiently in the beneficiaries’ best interests....
Why keeping beneficiaries informed is crucial in trust administration
A trustee must maintain a balance between skillfully managing a trust and maintaining a good relationship with the people involved in the trust’s administration. This includes regularly and clearly communicating the necessary information to the beneficiaries to allow...
What can be a breach of fiduciary duty?
In a trust, there are three roles involved: the grantor, the beneficiaries and the trustee. Among these positions, the trustee is responsible for managing the assets within the trust, making them have a fiduciary duty to the trust's owner and beneficiaries. A trustee...
Removing a trustee from administering an estate
A trustee has a duty to act in the best interest of the trust beneficiaries. However, sometimes the trustee does not meet this duty and needs to be removed from their responsibilities. Reasons for removal There are several reasons it may be necessary to remove a...
How to spot fraudulent living trusts
Wills and living trusts might seem like sound options to address issues concerning an individual's estate. However, some might exploit these needs and sell illegitimate estate planning products or services. One of the most common schemes scammers use is selling...
Conservatorship or trust – which do you need?
When something grave happens to you – an incapacitating illness or injury, perhaps even death – you’ll want your estate managed adequately so you don’t leave your family and relatives financially in the dark. A trust may be able to ensure your loved ones benefit from...
What are the benefits of a special needs trust?
Parents want the best for their children. Whenever they make any decision involving their sons or daughters, they carefully look for options that will benefit their children the most. This also applies to planning for the future. In estate planning, parents consider...
What are the trustee’s duties and responsibilities?
One of the essential decisions of the grantor when creating a trust is choosing the trustee, who will manage and administer the assets in a trust fund. The trustee must carry out the grantor’s wishes in good faith. But what exactly do managing and administering a...