Who is the best trustee for a trust?

Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones. Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.

How to find a good trust and estate attorney?

Talk with several lawyers. Get a sense of their communication skills as well as their expertise. You want to be confident that they know what they’re doing professionally, but also trust your gut about how well you ‘click’ and about how well the attorney will meet your needs.

Can a lawyer or accountant serve as a trustee?

Lawyers and accountants generally charge their hourly rate for the time they spend serving as trustee. A disadvantage is that they may not have the same institutional structure that a trust company will have. This can also be a plus if you prefer a trustee with more flexibility than an institutional trustee.

Can a brother in law be a trustee?

If you cannot trust the individual to hold $100 for you, you should not name him as trustee. If your brother-in-law makes a living day trading, steer clear of him. And if your sister-in-law lives paycheck to paycheck, let’s bypass her, too. If you choose a family member or friend, he should be financially astute, and good with money.

Where to find a trust attorney in Oklahoma City?

Use FindLaw to hire a local trusts lawyer to prepare a trust tailored to your circumstances like living trusts — also known as revocable trusts or family trusts — charitable trusts, and special needs trusts. Need an attorney in Oklahoma City, Oklahoma? FindLaw’s Lawyer Directory is the largest online directory of attorneys.

Who is the best estate planning attorney in Oklahoma City?

Crain & Associates, PLLC, of Oklahoma City, provides legal representation regarding every aspect of estate planning, elder law, probate, and business and commercial law. The services attorney Jeffrey I. Crain provides prevents unexpected occurrences from disrupting your plans.

What can a trust lawyer do for You?

If you want to structure your heirs’ inheritance, a trusts lawyer can help. Trusts lawyers can help you manage your assets by placing property into trusts for purposes like reducing estate taxes, avoiding probate, and dictating how heirs get assets.

Who are the richest lawyers in the world?

David Boies: $20 million Currently serving as the chairman of Boies, Schiller & Flexner, David Boies previously served as Chief Counsel for the US Senate. He graduated from Yale University in 1966 and almost immediately made a name for himself.

Who is the richest black lawyer in Florida?

He is one of the founding partners of the first black law firm in Martin County, Florida, where he continues to practice. Gary has led several high-profile litigations against large corporations, including a $500 million-dollar settlement to an undisclosed client from Mississippi, that have earned him significant wealth and prestige.

Who are lawyers as trustees in real estate?

“Lawyers as Trustees,” that’s the subject of today’s ACTEC Trust and Estate Talk. This is Susan Snyder, ACTEC Fellow from Chicago.

Who is the best person to serve as a trustee?

And there are many reasons that a lawyer might or might not do that. For instance, the drafting lawyer might be the best person to serve as the trustee in the client’s will or trust because the lawyer knows the terms of the will and trust better, probably, than anyone else, including the client.

Lawyers and accountants generally charge their hourly rate for the time they spend serving as trustee. A disadvantage is that they may not have the same institutional structure that a trust company will have. This can also be a plus if you prefer a trustee with more flexibility than an institutional trustee.

Who is the legal owner of a trust?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.

Who are the grantors and the trustees of a trust?

The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor (s) can make changes to the trust. The trustee manages the assets that are in the trust. Many grantors choose to be the trustee …

When to choose a trustee for your estate?

Choosing a trustee to manage your estate when you are gone is an important decision, and one that should not be taken lightly. Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones.

Who is the executor and trustee of my father’s trust?

A: As Executor or Trustee (I think you mean Trustee of your father’s Trust) your sister ultimately is responsible for handling your father’s Trust. While she can get your input, she will be responsible for making the final decisions.

What can a trustee do on the House?

Generally, the trustee uses trust assets as necessary to fix or improve the home in order to obtain a fair price for it. When the sale is complete and the trust has satisfied all of its obligations, they distributes sales proceeds to the beneficiaries as directed in the agreement.

Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones. Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.

The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor (s) can make changes to the trust. The trustee manages the assets that are in the trust. Many grantors choose to be the trustee

Choosing a trustee to manage your estate when you are gone is an important decision, and one that should not be taken lightly. Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones.

What should I look for in a trustee?

If you choose a family member or friend, he should be financially astute, and good with money. You want someone who is, at a minimum, familiar with basic concepts of investing, and preferably someone who has assets of their own that they are investing with an investment advisor.

Can a friend or family member serve as a trustee?

While they will often charge more than a friend or family member, they typically charge less than a trust company or corporate trustee. Lawyers and accountants generally charge their hourly rate for the time they spend serving as trustee. A disadvantage is that they may not have the same institutional structure that a trust company will have.

If you choose a family member or friend, he should be financially astute, and good with money. You want someone who is, at a minimum, familiar with basic concepts of investing, and preferably someone who has assets of their own that they are investing with an investment advisor.

Do you have to be a trustee of a family trust?

Then don’t sign up to be a trustee (or successor trustee) of the family trust. Being a trustee can be much more than people understand and certainly more than they bargained for. Here’s a situation.

Can a co trustee of a trust do what he did?

You don’t concern yourself too much but something is gnawing at you. So you review the trust, and after a second opinion, you determine that he couldn’t do what he did. He should not have access to all the funds – only some. Now you are in a predicament – a legal one.