If you choose, the same person you name as guardian for your minor children can serve a dual role as trustee. However, this decision takes some careful consideration. Having one individual serve both roles isn’t always the best idea. It can be complicated, impractical, and even lead to conflicts of interest. To better understand the…
When setting up a trust you need to consider all the fine details, including who will be capable of managing all the duties involved. Although a trust can have more than one trustee, it’s not always the best idea. We explain when and why it’s better to choose more than one trustee, and answer some…
Most of the time, being named as the administrator of a trust doesn’t come as a surprise. The founder of the trust will usually get permission from the person they plan on naming as their successor trustee. However, there are some cases where an individual is unaware that they have been listed as a trustee….
Being named as successor trustee is a big responsibility that comes with legal and fiduciary duties. It means you’re in charge of managing someone’s trust after they pass away or become incapacitated. While it may seem straightforward at first, there are several dangerous mistakes that successor trustees can make if they’re not careful. In this…
Creating a trust is a thoughtful and strategic way to ensure that your assets transfer seamlessly to your beneficiaries. However, one key aspect of building a successful trust is choosing the right trustee. The trustee must safeguard your assets and uphold your wishes when distributing them. In this article, we’ll explain the role of a…
Fulfilling the duties of a trustee can feel overwhelming at times. There are many rules to follow and many tasks to carry out if you want to ensure the trust is administered successfully. It can often be difficult to know exactly where to start. We put together this checklist on how to administer a trust…
Wondering what you will have to do if someone names you as trustee or what you’re really asking of the person you want to name as trustee? Understanding what the duties and responsibilities of a trustee entail can help make accepting or assigning the role of trustee less overwhelming. As estate planning experts, the Phelps…
When you put your assets into a Living Trust, you know that you, as the grantor, maintain full and complete control. You are also the Trustee. As a result, you get to decide what happens with those assets. And because you are the lifetime beneficiary, you reap the benefits of all income earning investments. We…
At Phelps LaClair in the Phoenix Valley, Living Trusts (and in particular, Revocable Living Trusts) are a mainstay of our estate planning. But for a living trust to be entirely effective, several steps need to be taken. First comes the important task of fully funding the trust. Next, it’s essential to appoint a trusted, capable…
Avoiding probate court saves time and money. Avoiding arguments about assets prevents unnecessary emotional anguish. Phelps LaClair, located in Gilbert and Scottsdale Arizona, can help you establish plans for the future that will safely guide your family through an emotionally difficult time in their lives. By taking time to establish a trust for your estate, you’re protecting your loved ones.
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