If you have been recently appointed as a trustee, you are about to take on a huge responsibility. Your role as trustee will include effective property management, equal treatment of beneficiaries, prudent investment making, and accurate record keeping. If you fail to uphold these obligations, you could find yourself subject to liability. As such, it is essential to work with a trust administration lawyer with an excellent reputation. Consider reaching out to the Law Office of Jeffrey Hall, Inc. for targeted legal counsel.
Types of Trusts
The vast majority of trusts fall into one of two main categories: living trusts and testamentary trusts. As the name suggests, living trusts are set up while the trustmaker is still alive. Testamentary trusts, however, are established in wills and only go into effect after the settlor has passed away. Living trusts are further divided into an additional two categories: revocable and irrevocable. Revocable trusts allow for changes in terms at any time. Changes cannot be made to irrevocable trusts without the consent of the beneficiary or beneficiaries. This can cause some contention after the trust have been established, but there is one significant upside to this type of trust: it is not subject to estate taxes. Settlors unsure as to which approach most benefits their situation are advised to seek legal counsel from dedicated estate planning attorneys.
Most trustees are able to carry out their duties without experiencing significant disagreements with beneficiaries, but some do run into conflicts as they pursue investments or make other important decisions. A variety of circumstances can spark trust disputes. Many of these disagreements arise when the settlor is believed to have been unduly influenced or incapacitated at the time the trust was established. Disputes may also occur if the trustee is suspected of mismanaging assets. These disputes have the potential to tear families apart, but with Jeffrey Hall’s help, it may be possible to resolve trust issues in a peaceful manner.
The Law Office of Jeffrey Hall, Inc.: A Reliable Resource For Trust Administration Matters
Whether you are a trustee, a beneficiary, or a settlor, you can benefit from the legal counsel of an estate planning attorney with a thorough understanding of trust administration. Jeffrey Hall has successfully guided numerous clients through the complexities of trust management. His law office is the perfect resource to turn to as you strive to responsibly manage a loved one’s estate.