how to select a trust attorney

How do I find a trust lawyer?

Here are a few suggestions when choosing a lawyer to write your Will and powers of attorney: Ask if estate planning is at least 50% of their practice. There are far too many attorneys who “dabble” with writing Wills and that causes attorneys ...

How do you choose a trustee for a trust?

Dec 14, 2021 · Trusts & Estates: Finding a Good Lawyer Research and Compile a List. In any case, you will need to do a little research to find a trusts and estates attorney... Talk to a Few Estate Planning Attorneys. After you’ve narrowed your list to just a few attorneys, do some deeper... Choose the Right Lawyer ...

What is a trust and estates attorney?

Mar 26, 2016 · Not only can you search for attorneys and law firms by practice type (you want Trusts and Estates or Wills and Probate ) and location, but you can also check out the peer rankings. Local, county, and state bar associations : Bar associations all have lawyer referral services, which match you with an attorney in your region whose law practice ...

Do I need a trust lawyer to execute a trust?

May 31, 2019 · Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or …

What are the advantages of being a lawyer?

The advantages of a lawyer or an accountant serving is that they have familiarity with your family if you have worked together for a long time. While they will often charge more than a friend or family member, they typically charge less than a trust company or corporate trustee.

Can a brother be a trustee?

Being a trustee can be a lot of work. Your brother may resent not getting paid while overseeing trust assets for your children whom he perceives as being ungrateful . On the flip side, your children may resent their uncle getting paid from their money if he does take a fee.

1. What does the Trustee do?

The job of every Trustee is to manage trust assets for the benefit of the beneficiary or beneficiaries. A Trustee is a “fiduciary”, meaning that the Trustee must put the interests of the beneficiaries ahead of his or her personal interests.

2. Who are the Beneficiaries of Your Trust?

Your Trustee will be working closely with the trust beneficiaries, so it is important to consider the relationship between the Trustee and trust beneficiaries. Ideally, the relationship should be positive and mutually respectful.

3. What is the Purpose of Your Trust?

There are infinite reasons to create a trust. Your Trustee should both understand and support the purpose of your trust.

4. Is a Professional Fiduciary Right for My Trust?

Some people are lucky to have many people in their lives who would make excellent Trustees; others are not. Maybe you are concerned about the impact on family relationships of having one family member serve as Trustee for another. Maybe your preferred Trustee declined to serve. If this is your situation, consider hiring a professional fiduciary.

Who is Timothy Barrett?

Timothy Barrett is a senior vice president and trust counsel with Argent Trust Company. Timothy is a graduate of the Louis D. Brandeis School of Law, 2016 Bingham Fellow, a board member of the Metro Louisville Estate Planning Council, and is a member of the Louisville, Kentucky and Indiana Bar Associations, and the University of Kentucky Estate Planning Institute Program Planning Committee.

What is a corporate trustee?

Banks and trust companies , called corporate trustees, provide professional fiduciary services and can act independently. These corporate trustees have procedures and systems in place to manage property and invest funds in a fair and consistent manner.

Can a trustee charge a fee?

Family members are closer to the beneficiaries and are more likely to understand their needs. A related trustee may charge the trustee’s costs to the trust but usually does not charge an administrative fee. Using a sibling as trustee can exacerbate tensions and resentments among the beneficiaries.

Can a sibling be a trustee?

Using a sibling as trustee can exacerbate tensions and resentments among the beneficiaries. A relative with no trust experience may abuse the trust through ignorance but will still be liable for substantiated damages. How Codicils Can Simplify Updating Your Will as Life Evolves.

Do attorneys do estate planning?

There are many attorneys that say that they do estate planning. And of course there are many that do. The real question to ask however is “do they practice exclusively in this area of the law”? Just as there are doctors that specialize in certain areas of medicine such as general practice, cardiology or oncology, there are attorneys that are generalists and ones that limit their practices to a specific area of the law. The benefit to this is that the attorney is much more likely to be abreast of the current law and issues that surround that practice area. They are also more likely to correctly identify areas that could be problems down the road if the proper planning is not done.

How many tiers are there in law school?

Just like any other school, law schools that are harder to get into have higher standards and only accept the best students. There are four (4) tiers in the law school ranking system with the first tier being at the top and hardest to get into. Ask the attorney where he or she went to law school. 10.

What is a trust in estate planning?

Setting up a trust has been a popular estate planning tool, especially if you want to leave properties and assets to your loved ones without the hassle of undergoing the probate process. In a trust, the creator or trustor transfers his property under the care of a trustee, who can be a trust lawyer, in favor of the beneficiary.

Can a lawyer be a trustee?

As mentioned above, you can even name a lawyer as the trustee, which can be helpful in cases where the estate is large and complex. However, the role of trust lawyer is not only confined with the creation and administration of the trust.

What is the job of a trust attorney?

The trust attorney’s tasks also include drafting documents intended for the protection of the assets against lawsuits and taxes. The first thing that a trust lawyer must do at the start of the engagement is to make a plan based on the needs of the client.

What is a trust plan?

The plan is based on the economic and financial circumstances of the client as assessed by the trust lawyer her or himself. The trust lawyer must also evaluate whether the client is married or not, the number of children, as well as incapacity issues that may be relevant as to the terms and conditions of the trust.