Revocable Living Trusts, which include Family Trusts, are more commonplace then ever, and have become a favorable way to avoid probate, administer and distribute assets, and eliminate the need for a guardianship of an incapacitated person.
When your assets are properly held in a Revocable Living Trust, a probate should not be necessary. Although a Trust can be fairly simple to maintain during the lifetime of the individual who established the Trust, known as the Settlor or Grantor, upon their death or incapacity, the duties of the Successor Trustee can be voluminous and overwhelming.
A Trustee who fails to properly complete the terms of the trust can be held liable for breach of their fiduciary duty. The Successor Trustee is obligated to protect the assets of the Trust and insure that they are distributed in accordance with the terms of the trust set forth by the Grantor. The complexity of the administration is a direct result of the value, amount and type of assets, and tax planning the Trust may or may not include.
Let the experienced estate planning attorneys from The Crosthwait Law Firm advise and assist you in fulfilling your duties as Trustee or Successor Trustee.