| Sometimes, a trust is created, and at times holds assets, outside of a will, under provisions set out in an agreement of trust. At other times, a will requires that a trustee be appointed to manage assets for a period of time. The trustee named in the trust document or in the will is responsible for managing assets for the benefit of the beneficiaries named in the trust. |
EXPERIENCE:
BLG attorneys and staff have over 30 years of experience in advising trustees of both trusts created in a will (testamentary trusts) and trusts created in a trust document (sometimes called “living trusts”). Trustees often require legal advice in interpreting the provisions of the trust and in determining the rights of different levels of trust beneficiaries. In those rare cases when a trust has been poorly written, BLG has gone to the courts to obtain judicial corrections to the document, so that the wishes of the deceased are properly carried out. And in those cases when a trust is left without provisions for a trustee, BLG has obtained judicial appointments of successor trustees to manage the trust until it is to be terminated.
At times, BLG attorneys serve as trustees of irrevocable trusts that hold only life insurance policies, so that those trusts can be effectively managed until the insurance proceeds have been collected. In other cases, BLG assists other trustees of these life insurance trusts in managing the trusts to insure that the estate tax benefits they are designed for are achieved.
SERVICES:
- Obtaining the appointment of a trustee when a will establishes a trust and assisting in managing the trust assets as needed
- Obtaining the appointment of a trustee when a trust document does not provide for one
- Assisting trustees in administering trusts owning life insurance policies
- Providing tax and legal advice to trustees as necessary
- Preparing accountings on the trustee’s behalf to submit to the probate court or to the beneficiaries
- Advising trustees when disputes arise regarding the beneficiaries
- Assisting in terminating trusts and distributing the assets
- Obtaining court approval of non-judicial settlement agreements
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