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A roundup of elder law news and practice development articles culled from news sources across the nation during the week of October 1, 2024, to October 7, 2024.
READ MOREA roundup of elder law news and practice development articles culled from news sources across the nation during the week of September 24, 2024, to September 30, 2024.
READ MOREThe leading provider of web-based practice development tools for elder law attorneys, we help firms reach clients with tools designed by elder law attorneys for elder law attorneys.
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FROM THE KNOWLEDGE BANK
As a trust beneficiary, you may feel you're at the mercy of the trustee. However, depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
A trust is a type of legal arrangement in which one person, called a settlor or grantor, gives assets to another person, known as a trustee. (Note that a trustee can be a person or an institution, such as a bank or law firm.)
The grantor appoints the trustee, who holds legal title to the assets of another person, called a beneficiary. The rights of a trust beneficiary depend on the type of trust and the type of beneficiary.
With a revocable trust, the person who set up the trust can change it or revoke it at any time. If the trust is revocable, the beneficiaries, other than the grantor, have very few rights. Because the grantor can change the trust at any time, they can also change the beneficiaries at any time.
Often, a trust is revocable until the grantor dies, and then it becomes irrevocable. An irrevocable trust is a trust that can't be changed except in rare cases by court order. Beneficiaries of this type of trust have rights to information about the trust and to make sure the trustee is acting properly. The scope of those rights depends on the type of beneficiary:
Current beneficiaries are beneficiaries who are currently entitled to income from the trust.
For example, a wife may set up a trust that leaves income to her husband for life (the current beneficiary). Then the remainder of the property would go to her children (the remainder beneficiaries).
State law and the terms of the trust determine exactly what rights a beneficiary has. However, the following are five common rights given to beneficiaries of irrevocable trusts:
Trustees who fail to fulfill the duties of their role can be held personally liable. As a trustee, you must ensure the trust beneficiaries receive the assets to which they are entitled. It is your obligation to work in the best interest of the beneficiaries. You are also responsible for protecting the assets in the trust, keeping careful records of all expenditures, and filing income tax returns for the trust in a timely manner.
Taking on the task of a trustee can be overwhelming. You have the option to turn down the role. But you also can seek out a professional for support. Should you need assistance with your duties as a trustee, you are permitted to hire an attorney; the trust funds can pay for the attorney's fees.
To learn more about how trusts operate, you may wish to refer to the following articles:
If you have further questions about setting up a trust, consider consulting with an elder law or estate planning attorney. Find a qualified attorney near you today.
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