Protecting Your Loved Ones, Lifestyle and Legacy
Who would have thought that Appointing a Trustee would be a “new mommy” conversation, not me! Recently, I was fortunate enough to spend some time with old friends from college for a baby shower. While talking about Etsy and Pinterest, somehow, my work as an estate planning attorney became a hot topic. I found myself talking at length with a dear friend who is in the middle of a legal dispute over a family member’s actions as a Trustee.
While swapping trustee stories, I could not help but wish that many of my clients had better advice before appointing a trustee. At least, I wish my clients’ decisions were guided by their knowledge of Illinois law before naming their son, daughter, or best friend as the Trustee of their trust.
Appointing the right Trustee ensures that the distribution of your assets is done according to your wishes. It also can prevent needless waste of your trust assets from attorneys’ fees and court costs. The right Trustee can also help to safeguard your Trustee from senseless years of litigation. Litigation for actions which he or she may have taken in good faith but in violation of state law.
If you or someone you know is selecting a Trustee of a Trust, the following should be considered:
1. Will your Trustee have a good relationship with every single …