The title of trustee comes with some very serious responsibilities. For example, you must maintain control over the property owned by the trust and, furthermore, you must take steps to preserve it. This means that you will have to make decisions to protect the trust's assets, including prudent investing, communicating with the beneficiaries and following the terms of the trust.
Actor, songwriter and talk show host Alan Thicke died in December of last year, likely thinking prior to his passing that he had duly engaged in estate planning in a reflective and sound manner.
The financial publication Wealth Management notes at the outset of a recent article on select professionals and the duties they owe to clients that estate planning attorneys haven't historically been deemed to be providing investment advice in narrow terms when they work on behalf of clients.
The following is not meant to be a tale imparted for shock value or to entice any person to run immediately to a proven estate planning attorney in an attempt to fool-proof future plans or guarantee upside results regarding every tangent of life going forward.
Challenging a will can be a very difficult and complicated process. In addition, it is not something everyone can do. Imagine that you are engaged in a disagreement over how to handle a relative's estate. Can you legitimately challenge the will? Can the other person? Before challenging a will, it is important to understand basic probate laws that dictate who can and cannot lodge a legal challenge.
At the well-established Bay Area estate planning and administration Law Offices of Connie Yi, PC, we certainly understand the warm glow that some individuals can feel when being named as trustee of a trust.