what does an estate attorney do for trustee typically

Manage the affairs and expenses of the estate, including paying debts and expenses and collecting receivables, planning for cash and liquidity needs, having assets appraised or revalued if necessary, and, in some states, filing a probate inventory.

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What are the duties of a trustee?

An estate lawyer is a bar certified attorney who specializes in estate planning and assists clients in drafting and implementing legal documents, including wills and trusts. Estate law is closely related to family law, since lawyers often must work with related individuals who are involved with an estate. If you enter this legal specialty, you ...

Do I need an attorney as a trustee of a trust?

May 24, 2021 · Just a few of the duties and responsibilities you will have as a Trustee include: Managing and protecting trust assets Abiding by the trust terms unless they are impossible, illegal, or unconscionable Investing trust funds using the “Prudent Investor Standard” Monitoring trust investments Communicating with trust beneficiaries

What does an estate lawyer do?

Dec 10, 2020 · December 10, 2020. Some duties of a Trustee are intuitive - A Trustee is responsible for managing Trust assets, keeping Trust records, and making distributions from the Trust when required. Some Trustee duties are less obvious - A Trustee may have to give a financial report or accounting to Trust beneficiaries, or make complex financial and investment …

How does a trustee of a trust get paid?

Jan 21, 2022 · Estate planning attorneys typically charge more in a city compared to more rural areas. Different services also have different costs. For example, getting a simple will may cost you a couple hundred dollars, while setting up a trust is likely to cost more.

What is the job of the trustee of an estate?

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. Both roles involve duties that are legally required.

What duties does a trustee owe?

A Trustee owes a duty of honesty, integrity, loyalty and good faith to the beneficiaries of the trust. A trustee must at all times act exclusively in the best interests of the trust and be actively involved in any decisions.

Do trustees have to pay beneficiaries?

The trustees have a massive amount of control over the trust assets and can ultimately decide who receives anything, when they receive it and how much. The trustees do not have to give any particular beneficiary anything from the trust.

Can executors and trustees be beneficiaries?

When making a will, people often ask whether an executor can also be a beneficiary. The answer is yes, it's perfectly normal (and perfectly legal) to name the same person as an executor and a beneficiary in your will.Aug 11, 2021

How is a trustee held accountable?

Trustees must follow the terms of the trust and are accountable to the beneficiaries for their actions. They may be held personally liable if they: Are found to be self-dealing, or using trust assets for their own benefit. Cause damage to a third party to the same extent as if the property was their own.Apr 16, 2018

What can a trustee not do?

What a Trustee Cannot DoSteal from the trust.Fail to follow the terms of the trust.Mismanage trust assets including bank accounts, stock, bonds, retirement accounts, pensions.Fail to take inventory of assets, including personal and real property.Be negligent or careless in investing assets.More items...•Sep 14, 2020

Can a trustee take all the money?

The trustee might be paid for their services, but they should not take, borrow, or lend the trust funds or trust income for their own personal use. Instead, the trustee can only use the trust funds for costs related to the trust.

Can a trustee be a beneficiary too?

The short answer is yes. Trustees can be a beneficiary of a discretionary trust, although it would be rare for the trustee to not have a co-trustee appointed to make discretionary decisions.Jul 20, 2021

Do all trustees have to agree?

You must agree with all of the other trustees when making trust decisions. So it's worth understanding who they are and deciding if you think the relationship will work.

Who has more power executor or trustee?

The main difference is that the trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions in the Will eg applying for probate.

How is a trustee different from an executor?

The role of a trustee is different than the role of an estate executor. An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. ... It is an honor for a friend or loved one to appoint a person as a trustee.

How many Trustees should a will have?

twoA single Trustee can be appointed but it is usually recommended that you appoint at least two. Not only does this avoid problems when a single Trustee is unable to conduct their duties, if the trust property includes any land, at least two Trustees will be needed for legal reasons.

What is an estate lawyer?

An estate lawyer is a bar certified attorney who specializes in estate planning and assists clients in drafting and implementing legal documents, including wills and trusts. Estate law is closely related to family law, since lawyers often must work with related individuals who are involved with an estate. If you enter this legal specialty, you'll ...

How much do estate planning attorneys make in 2021?

As of March 2021, Payscale.com reported that estate planning attorneys made a median annual wage of $78,000. According to the BLS, the job outlook for all lawyers will increase 4% for the years 2019 to 2029.

What are the skills needed to be a paralegal?

Private or corporate offices, may attend meetings at hospitals, prisons or the homes of clients. Similar Occupations. Paralegals and legal assistants, judges and hearing officers.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

Who is Derek from Policygenius?

Derek is a personal finance editor at Policygenius in New York City, and an expert in taxes. He has been writing about estate planning, investing, and other personal finance topics since 2017. He especially loves using data to tell a story. His work has been covered by Yahoo Finance, MSN, Business Insider, and CNBC.

How to contact Frank and Kraft?

If you have additional questions or concerns about administering a trust, contact the experienced Indianapolis trust administration attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

What is a trust relationship?

Trust Fundamentals. A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also called a Maker or a Grantor, who transfers property to a Trustee. The Trustee holds that property for the trust beneficiaries.

How many beneficiaries can a trust have?

A trust must have at least one beneficiary but may have an unlimited number of beneficiaries. A trust may have both current and future beneficiaries. If the trust is a testamentary trust, it means the trust will not activate until the Settlor’s death.

Who is Paul Kraft?

Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Is a trustee a fiduciary?

A Trustee is in a fiduciary role. Therefore, guarding the principal should always be the primary focus with a return on investments secondary. Mediating conflicts among beneficiaries . Conflicts and disputes among beneficiaries can occur during the administration of a trust.

What are the duties of a trustee?

Among the most common specific duties and responsibilities of a Trustee are the following: Protecting the trust assets. A Trustee is responsible for managing and protecting all assets held by the trust. This could include anything from reconciling bank statements to maintaining real property.

What happens if you make a mistake in a trust?

Mistakes made during the administration of a trust are frequently the result of a Trustee’s failure to understand what is expected of him/her and/or failing to have a clear understanding of the trust terms. Moreover, you could be held personally liable for mistakes made during the administration of the trust.

What is a trust?

Trust Fundamentals. A trust is a legal relationship where property is held by one party for the benefit of another party. The person who creates a trust is referred to as the “Settlor”, “Trustor” or “Grantor.”. The Settlor transfers property to a Trustee (the trust administrator), appointed by the Settlor. The Trustee holds that property ...

How is a trustee paid?

The Trustee is paid using trust assets. Because this means that a Trustee is essentially paying himself, it is always better to be very clear in the trust agreement as to how the Trustee’s fee should be determined.

Who is responsible for managing the trust assets?

The Settlor (creator) of a trust appoints the Trustee . In overall terms, the Trustee is responsible for managing the trust assets as well administering the trust using the trust terms created by the Settlor.

What is a trust agreement?

The trust agreement dictates how the Trustee’s fee will be paid. If the Trustee is a professional, such as a lawyer or a C.P.A., the trust agreement may direct the Trustee to be paid his/her normal hourly fee for administering the trust, a set salary, or may earn a percentage of the value of the trust assets.