Long Island living trust lawyers can provide you with help in all aspects of trust creation. There are many important decisions to make when you create a trust, including decisions on the kind of trust that you wish to create and decisions on who you should name as the trustee.
Mark S. Eghrari & Associates PLLC has provided comprehensive guidance to many individuals and families who want to use trusts to protect themselves, their assets, and their loved ones. Our legal team will work closely with you to select the type of trust that accomplishes your goals, to make a trust that is legally valid, and to make the right choices in who to name to manage trust assets if something happens to you. Give us a call as soon as possible to find out more about the ways in which our Long Island living trust lawyers can assist you.
Who Should Be the Trustee of Your Living Trust?
Many people who create a living trust decide to make this type of trust because they can still retain a substantial amount of control over the personal assets that they transfer to the trust. If you want to continue to manage the wealth that you transfer to the trust, you can name yourself as the trustee of your living trust. It is very common for people who make a living trust to name themselves as trustee, or sometimes as co-trustee with their spouse.
However, one benefit of a living trust is that you have someone who can take over the management of trust assets immediately if something should happen to you. As a result, you will need to name a backup trustee. Long Island living trust lawyers at Mark S. Eghrari & Associates PLLC can assist you in deciding who should be your backup trustee because we can help you to understand the obligations the backup trustee will have and the traits that the backup trustee will need in order to do the job correctly.
A trustee is going to need to understand how to manage all of the assets that you transfer to the trust so the wealth is kept safe and not lost due to bad decisions or careless management. A trustee will also need to understand New York’s trust laws as well as understanding both state and federal tax laws. The position of trustee is not just a ceremonial position; there are specific obligations to fulfill and you want someone who is knowledgable, skilled, and reliable to fulfill all of these obligations. While an attorney can help the trustee, it is still a good idea to select someone who you are confident has the ability to handle complex financial and legal matters.
Why Does Choosing the Right Trustee Matter?
The person who you select to serve as a trustee when you are no longer able to manage trust assets is going to have a fiduciary duty to act in the best interests of trust beneficiaries and to avoid conflicts of interest or financial mismanagement. While the law aims to protect trust creators by imposing the highest legal duty on trustees, it can still be difficult to identify when a trustee does something wrong and it can be hard to initiate appropriate legal action to deal with the problem.
You don’t want your trustee to cause financial loss by failing to manage trust assets properly or by failing to fulfill any of his or her duties as a trustee. Choosing the right person will ensure that the trustee does a good job in keeping your wealth safe and following the instructions in your trust document. You and your beneficiaries won’t need to worry about making claims for breach of fiduciary duty and you can be confident that you’ll get the protections that you expect when you created your living trust.
Getting Help from Long Island Trust Lawyers
Long Island trust lawyers not only help you to select the right living trust trustee by explaining the obligations of the trustee, but we also help with all other aspects of trust creation. From choosing the type of trust that is best to creating your trust document to funding the trust, our firm can provide advice on all of the steps you need to complete to use a trust to protect your wealth and your loved ones.
To find out more about how trusts work, join us for a free seminar. If you are ready to get personalized help with trust creation, give us a call at (631) 265-0599 or contact us online to speak with an experienced member of our legal team.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- Estate Administration Can Be Simplified With a Living Trust - January 17, 2019
- An Overview of the Estate Administration Process - January 16, 2019
- Confront the Eventualities of Aging - January 15, 2019