A Practical Guide to Revocable Living Trusts in Shelbyville
Revocable living trusts are a widely used estate planning tool in Shelbyville and throughout Tennessee. A revocable living trust allows you to place assets into a trust during your lifetime, retain the ability to manage those assets, and name who will receive them after your death. Unlike a will, a properly funded revocable trust can help avoid probate for assets held in the trust and can provide continuity in asset management if you become incapacitated. This guide explains how revocable living trusts work and what people in Shelbyville should consider when planning their estates.
Many families seek revocable living trusts to simplify the administration of their estates, reduce delays after death, and protect privacy by keeping asset transfers out of public probate records. In Shelbyville, where family-owned property, retirement accounts, and small business interests often intersect, a trust can provide a clear path for transferring property to beneficiaries. This section will outline common scenarios, the role of trustees, and steps you can take now to ensure your trust reflects your wishes and adapts to life changes and new Tennessee laws.
Why Revocable Living Trusts Matter for Shelbyville Residents
A revocable living trust can offer important advantages for individuals and families in Shelbyville who want to manage assets during life and control distribution after death. Primary benefits include the potential to avoid probate for assets properly placed in the trust, maintaining privacy since trust administration is not a public court process, and providing a plan for managing your affairs if you become incapacitated. For property owners, retirees, and those with blended families, a trust can reduce administrative burdens and provide clearer direction for trustees tasked with carrying out your wishes.
About Jay Johnson Law Firm and Our Approach to Trusts
Jay Johnson Law Firm serves Shelbyville and surrounding Tennessee communities with a focus on estate planning and probate matters. Our approach emphasizes practical, client-focused planning that aligns with local courts and state law. We help clients evaluate whether a revocable living trust fits their goals, prepare trust documents tailored to their circumstances, and assist with funding assets into the trust. Communication, transparency, and careful document drafting guide our work so clients feel confident that their plan reflects current wishes and practical considerations for family and property in Bedford County and beyond.
Understanding Revocable Living Trusts: Key Concepts
A revocable living trust is a legal arrangement created during the grantor’s lifetime that holds title to assets for the benefit of named beneficiaries. The grantor typically serves as trustee while alive, retaining control and the ability to amend or revoke the trust. When properly funded, the trust becomes the owner of designated assets and those assets pass according to trust instructions at the grantor’s death, often without probate. It is important to identify which assets should be transferred into the trust, understand trustee responsibilities, and review beneficiary designations to make sure everything aligns with the overall estate plan.
Although revocable living trusts offer flexibility, they are not a universal solution for every person. The process of transferring property into the trust, updating titles, and coordinating retirement account designations may require careful attention. Trusts can simplify transfer for real property located in Bedford County and can reduce delays for families, but they must be maintained and reviewed over time. This section helps homeowners and families in Shelbyville weigh the practical steps involved in creating and funding a trust and what ongoing administration will look like for trustees and beneficiaries.
What a Revocable Living Trust Is and How It Works
A revocable living trust is an arrangement in which a person places assets into a trust that they can change or revoke at any time while alive. The trust document names a trustee to manage trust assets and beneficiaries to receive distributions. As long as the grantor is the trustee, they retain full control over trust property and can sell, transfer, or otherwise use assets as before. The trust becomes especially useful upon incapacity or death, when a successor trustee can step in to manage or distribute trust property according to the written instructions, often avoiding the need for probate court proceedings.
Key Elements and Steps for Setting Up a Trust in Tennessee
Establishing a revocable living trust requires drafting a trust document, selecting trustees and successor trustees, identifying beneficiaries, and funding the trust by retitling assets. In Tennessee, careful attention is needed for deeds, bank accounts, investment accounts, and business interests to ensure ownership is transferred to the trust. Trust administration also involves maintaining records, providing notices to beneficiaries when appropriate, and coordinating with beneficiary designations on retirement accounts and life insurance. Regular reviews help ensure the trust remains aligned with changes in family circumstances, property holdings, and Tennessee law.
Key Terms and Glossary for Revocable Living Trusts
Understanding basic trust terminology helps you make informed decisions. Below are succinct definitions of common terms related to revocable living trusts, including grantor, trustee, beneficiary, funding, and successor trustee. These definitions clarify roles and responsibilities so you can better evaluate how a trust will function within your overall estate plan. Knowing these terms also helps when reviewing trust documents and coordinating other estate planning tools such as durable powers of attorney and advance healthcare directives.
Grantor (Settlor)
The grantor, sometimes called the settlor, is the person who creates the trust and places assets into it. In a revocable living trust, the grantor typically retains the right to amend or revoke the trust and often serves as the initial trustee, maintaining control over trust assets during life. The grantor outlines the trust’s instructions, names beneficiaries and successor trustees, and decides how trust property will be managed and distributed. Understanding the grantor’s role helps clarify who has authority over trust property and how the trust may change over time.
Trustee
The trustee is the individual or entity responsible for managing the trust assets in accordance with the trust document and applicable law. In revocable living trusts, the grantor often acts as trustee while alive. The document should name successor trustees to act if the grantor becomes incapacitated or after death. Trustee duties include managing investments, paying debts and expenses, communicating with beneficiaries when required, and distributing assets according to the trust terms. Trustees must act prudently and in the best interest of beneficiaries as defined by the trust instructions and Tennessee law.
Beneficiary
A beneficiary is a person or entity entitled to receive benefits or property from the trust according to its terms. Beneficiaries may receive income, principal distributions, or specific assets at times or upon conditions set by the grantor. Trust documents can name primary and contingent beneficiaries to address circumstances where a primary beneficiary predeceases the grantor. Properly identifying beneficiaries and keeping designations up to date help avoid confusion during administration and ensure assets are distributed consistent with the grantor’s intentions.
Funding a Trust
Funding a trust means transferring ownership of assets into the name of the trust so the trust holds title. This may involve changing titles on real estate deeds, reassigning bank accounts, retitling investment accounts, and updating ownership for business interests where appropriate. Some assets, like payable-on-death designations and retirement accounts, use beneficiary designations rather than retitling. A trust must be funded intentionally to achieve probate avoidance for those assets; otherwise, property left solely in the grantor’s name may still pass through probate despite the existence of the trust.
Comparing Revocable Trusts with Other Estate Planning Options
When deciding among wills, revocable trusts, and other planning tools, consider factors such as asset types, privacy, and the desire to avoid probate. Wills provide straightforward instructions but generally require probate to transfer assets, which can add time and public filings. Revocable living trusts, when properly funded, can reduce probate involvement for trust assets and offer a smoother transition for beneficiaries and trustees. Other tools like transfer-on-death designations and joint ownership can achieve similar goals in limited situations, but a comprehensive plan often combines approaches to fit personal and family needs.
When a Limited Approach May Be Sufficient:
Smaller Estates with Simple Transfers
For individuals with modest assets, straightforward beneficiary designations, and no real property complications, a limited approach using a will supplemented by beneficiary forms and powers of attorney may meet planning needs. In Shelbyville, homeowners with uncomplicated estates or families whose assets transfer easily through beneficiary designations might prefer this route to avoid the time and expense of creating and funding a trust. However, even small estates should consider how incapacity would be handled and whether minimizing administrative burdens and privacy concerns is important when making this choice.
Clear Beneficiary Designations and Joint Ownership
If most assets already pass outside probate through payable-on-death accounts, retirement account designations, or joint ownership arrangements, the practical value of creating a revocable trust may be reduced. In such cases, focusing on keeping beneficiary designations current and maintaining a durable power of attorney and advance healthcare directive can provide necessary protections. This approach can be appropriate for Shelbyville residents who prioritize simplicity and whose asset transfer goals are already aligned without using a trust, while still maintaining plans for incapacity and end-of-life decisions.
When a Comprehensive Trust-Based Plan Is Preferable:
Avoiding Probate and Managing Complex Assets
A comprehensive trust-based plan is often beneficial for individuals with real estate, business interests, significant investment holdings, or complex family arrangements. Revocable trusts can reduce or avoid probate for assets properly transferred into the trust, provide continuity of management if incapacity occurs, and allow for detailed distribution instructions that can address blended families or long-term care planning. For property owners in Shelbyville who want to control how and when beneficiaries receive assets, a trust-based plan offers a coordinated framework that integrates deeds, account titling, and auxiliary documents.
Privacy, Predictability, and Ongoing Asset Management
Trusts help maintain privacy because trust administration generally does not occur in public probate court records. For families concerned with discretion or with beneficiaries who may need staged distributions, a trust allows the grantor to set terms for distributions over time. Comprehensive planning also addresses successor trustee powers and guidance, tax considerations, and coordination with retirement and insurance benefits, creating a predictable path for personal and financial matters after incapacity or death. This structure can ease administrative burdens for loved ones during difficult times.
Benefits of Taking a Comprehensive Trust Approach
Adopting a comprehensive approach centered on a revocable trust can streamline the transfer of assets, reduce court involvement, and provide clearer direction for those managing your affairs. For Shelbyville residents, combining a trust with powers of attorney and healthcare directives results in a coordinated plan that addresses both incapacity and distribution at death. This approach reduces uncertainty for family members, helps preserve privacy, and can reduce delay and cost associated with probate of trust assets. Regular review ensures the plan continues to reflect life changes, new assets, and evolving family relationships.
A holistic plan also helps prevent gaps and conflicts between documents, such as inconsistent beneficiary designations or omitted property transfers. By integrating deeds, account titling, and clear instructions for successor trustees, a comprehensive trust approach provides practical benefits during administration and promotes smoother outcomes for beneficiaries. Educating trustees and maintaining clear records further ensures that intentions are carried out effectively. For many families in Tennessee, this coordinated structure brings peace of mind and a workable plan for transferring wealth and responsibilities.
Reducing Probate Delays and Administrative Burdens
One of the most immediate benefits of a well-funded revocable trust is minimizing the need for probate court administration for those trust assets. Probate can involve court filings, waiting periods, and public records that may extend the time before beneficiaries receive assets. By contrast, a trust administration carried out by a successor trustee can proceed more privately and with fewer formal court steps when assets are properly titled in the trust’s name. This reduction in administrative burden can be especially helpful for families juggling work, caregiving, and estate settlement responsibilities.
Providing Direction for Incapacity and Trustee Decision-Making
Revocable trusts provide a framework for naming who will manage financial affairs if the grantor is unable to do so, minimizing uncertainty and delays in accessing funds for care, bills, and property maintenance. Clear successor trustee provisions and instructions can guide decision-making, help avoid family disputes, and preserve assets for beneficiaries. Including powers of attorney and healthcare directives alongside the trust ensures that both financial and medical decisions are addressed, creating continuity of care and management during periods of incapacity for Shelbyville residents and their families.
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Practical Tips for Setting Up a Revocable Living Trust
Inventory and Update Asset Titles
Start by creating an inventory of all assets and confirm current ownership and beneficiary designations. Real property deeds, bank and brokerage accounts, and business interests often require retitling to the trust to achieve intended probate avoidance. Failure to fund the trust properly can leave important assets subject to probate despite the existence of trust documents. Periodically review account beneficiary information and deeds, especially after major life events such as marriage, divorce, or the acquisition of significant assets, so that the trust remains effective and aligned with your objectives.
Name Clear Successor Trustees and Backups
Coordinate Trusts with Other Estate Documents
Ensure the trust is part of a coordinated estate plan that includes a will, durable power of attorney, and advance healthcare directive. A pour-over will can transfer any assets not funded into the trust into the trust on death, providing a safety net. Powers of attorney allow financial decisions if you are incapacitated, and healthcare directives communicate medical wishes. Regularly review this package of documents and consult with counsel when significant life changes occur so that the trust and associated documents continue to operate together to achieve your goals.
Why Shelbyville Residents Consider Revocable Living Trusts
People choose revocable living trusts for a variety of personal and practical reasons. Those with real estate investments, family businesses, or blended family arrangements often seek the control and flexibility trusts provide. A trust can streamline asset transfers, protect privacy by keeping matters out of probate court, and provide guidance for trustees managing affairs during incapacity. For many Shelbyville residents, the predictability and reduced court involvement are compelling, especially when property or investment accounts might otherwise be delayed by probate proceedings that can be time-consuming and public.
Another reason to consider a trust-based plan is the ability to create tailored distribution terms for beneficiaries, including staged distributions or conditions tied to education or age milestones. A trust can help preserve family wealth across generations while providing flexible management during the grantor’s lifetime. Even when estates are modest, a trust can be valuable for individuals who prioritize privacy or want to ensure a smooth management plan in case of incapacity. Reviewing personal goals and assets with an attorney helps determine whether a trust is the right fit for your Shelbyville estate plan.
Common Situations Where a Trust Is Beneficial
Certain life situations frequently prompt people to establish revocable living trusts. These include owning multiple pieces of real estate, holding significant investment portfolios, operating a family business, having minor children or beneficiaries who need staged distributions, and seeking to minimize probate delays or publicity. Trusts also address planning for incapacity by naming successor trustees and detailing how financial affairs should be handled. For Shelbyville residents facing any of these circumstances, a trust can provide a structured, private path forward for managing and distributing assets according to clear instructions.
Owning Real Estate or Multiple Properties
When you own real estate in Shelbyville or across Tennessee, a revocable trust can simplify the transfer of those properties at death and avoid separate probate proceedings for each parcel. Properly funding real estate into the trust ensures that title passes according to the trust terms and that successor trustees can manage property without court-appointed authority. This is particularly helpful when properties are rented, require maintenance, or are part of a family portfolio. A trust can also address how rental income and expenses are handled during administration and after distribution to beneficiaries.
Providing for Minor Children or Special Distribution Needs
Parents who want to provide for minor children or set conditions for distributions often use trusts to specify how and when funds should be used. A revocable living trust can name guardians for minor beneficiaries, provide for education and support, and establish age- or milestone-based distributions to help beneficiaries transition responsibly. This level of control lets grantors outline financial care in a way that a simple outright distribution cannot. Trust terms can include guidance for successor trustees on managing assets and distributions to protect the long-term interests of younger beneficiaries.
Maintaining Privacy and Reducing Court Involvement
Shelbyville Revocable Living Trust Attorney
Jay Johnson Law Firm assists Shelbyville and Bedford County residents with revocable living trusts and related estate planning. We help clients identify whether a trust meets their goals, prepare trust documents, and guide the funding process so assets transfer as intended. Our services include reviewing deeds and account titling, drafting pour-over wills, and coordinating powers of attorney and healthcare directives. We aim to make the planning process understandable and practical for families and property owners who want continuity in asset management and clarity for loved ones after incapacity or death.
Why Work with Jay Johnson Law Firm for Trust Planning
Choosing legal assistance for trust planning helps ensure documents are properly drafted and that assets are funded to achieve intended outcomes. Jay Johnson Law Firm focuses on clear communication and practical solutions tailored to Shelbyville residents, addressing real property, investments, and family considerations. Our team guides clients through retitling, beneficiary coordination, and successor trustee selection to reduce mistakes that can undermine a trust’s effectiveness. We also provide guidance on regular reviews so your plan remains current with life changes and Tennessee law.
Our process emphasizes understanding client priorities and translating them into trust terms that are realistic and administrable. We discuss how trustees should act, outline steps for funding the trust, and explain how the trust interacts with wills and other documents. For families concerned about privacy or probate delays, we explain practical measures to help achieve smoother asset transfers and clearer management guidelines. This approach helps clients make informed decisions and ensures that the trust documents reflect their wishes and provide workable instructions for those who must act on their behalf.
Clients in Shelbyville benefit from local experience with Tennessee estate and probate practice and an emphasis on straightforward, accessible planning. We coordinate with financial advisors and other professionals when appropriate to ensure a comprehensive approach. Whether you are creating a trust for the first time or updating an existing plan, our team helps clarify options, identify potential pitfalls, and implement a plan that fits your family’s needs. We also assist successor trustees in understanding their duties and provide resources to make trust administration more manageable.
Get Started with a Trust Review in Shelbyville Today
How the Trust Planning Process Works at Our Firm
Our process begins with an initial consultation to review goals, assets, and family considerations. We then recommend a tailored plan, draft trust documents, and guide you through funding steps such as retitling deeds and accounts. After execution, we provide written instructions for trustees and review beneficiary designations to ensure coordination. Periodic reviews are encouraged to update documents after major life events. Throughout, we focus on clarity and practical steps so clients in Shelbyville can implement and maintain a trust that meets their needs without unnecessary complexity.
Step One: Initial Review and Goal Setting
The first step is a comprehensive review of assets, family circumstances, and objectives to determine whether a revocable living trust suits your needs. We gather information about real estate, accounts, business interests, and existing beneficiary designations and assess how a trust would integrate with your overall plan. This stage includes discussing incapacity planning and the selection of trustees and beneficiaries. Clear goal setting helps ensure the trust document reflects practical priorities and anticipates likely scenarios the family may face in the future.
Document Review and Asset Inventory
We review deeds, account statements, beneficiary forms, and any existing estate planning documents to build an asset inventory and identify items that must be retitled or coordinated with the trust. This careful review helps prevent gaps that could leave important items outside the trust and subject to probate. Understanding each asset’s ownership and transfer mechanism allows us to recommend targeted steps for funding and to highlight situations where additional documents or beneficiary updates are necessary to achieve your intended outcomes.
Discussing Trustee Roles and Distribution Goals
During this stage we discuss who should serve as trustee and successor trustees, how distributions should be timed or conditioned, and whether a corporate trustee might be useful. We also address tax considerations, long-term support needs for beneficiaries, and any concerns about management or protection of assets. Clear instructions and contingency planning reduce future disputes and help trustees act with confidence. This conversation helps shape precise trust language so the document will operate smoothly for your family.
Step Two: Drafting and Execution
Once goals and assets are identified, we draft the trust document and supporting instruments tailored to your plan. Drafting includes specific trustee powers, distribution terms, incapacity provisions, and coordination with pour-over wills and powers of attorney. After you review and approve the documents, we arrange for proper signing and witnessing to ensure validity under Tennessee law. We also provide instructions for funding the trust and handling account and deed retitling to implement the plan effectively.
Creating Complementary Documents
Complementary documents typically include a pour-over will, durable power of attorney, and advance healthcare directive to address matters not covered by the trust and to provide a full incapacity plan. The pour-over will acts as a safety net for assets not transferred into the trust, while powers of attorney allow trusted individuals to manage finances if needed. These documents are drafted to work in harmony with the trust to provide a coordinated approach to your estate and health care planning needs.
Guidance on Funding the Trust
We provide step-by-step guidance on transferring assets into the trust, such as preparing deeds to retitle real property and instructions for changing registration of financial accounts. We also advise on beneficiary forms for retirement accounts and life insurance policies to ensure they align with your trust plan. Proper funding is essential for achieving many of the trust’s benefits, so we help clients navigate the administrative tasks and coordinate with banks, title companies, and financial institutions to complete transfers efficiently.
Step Three: Ongoing Review and Trustee Support
After the trust is executed and funded, ongoing review ensures the plan remains current with changes in asset holdings, family circumstances, and Tennessee law. We offer periodic check-ins and updates to beneficiary designations and deeds as needed. We also provide resources and guidance for successor trustees to manage trust administration, handle distributions, and meet reporting obligations. Continuing support helps prevent avoidable mistakes and ensures the trust will function as intended when management responsibilities shift.
Periodic Plan Updates
Life events such as marriage, divorce, births, deaths, or significant asset changes may require trust amendments or other document updates. Periodic reviews help identify necessary adjustments and maintain alignment between your intentions and the trust’s terms. We recommend scheduling reviews after major life changes and at regular intervals to verify that titles, beneficiary designations, and trustee selections remain appropriate. Timely updates preserve the trust’s effectiveness and reduce the likelihood of disputes or unintended outcomes.
Assistance During Trust Administration
When a successor trustee must administer the trust, we provide guidance on duties such as inventorying assets, notifying beneficiaries, managing expenses, and distributing property according to the trust terms. Trustee assistance helps promote efficient administration and compliance with legal obligations. We can help trustees understand documentation requirements, timing considerations, and practical steps to settle the trust while minimizing confusion for beneficiaries. This support provides trustees with confidence to carry out the grantor’s instructions in a clear and orderly manner.
Frequently Asked Questions About Revocable Living Trusts
What is the main advantage of a revocable living trust?
A primary advantage of a revocable living trust is the potential to avoid probate for assets that have been properly transferred into the trust, which can reduce administrative delays and keep asset transfers out of public court records. It also provides a mechanism for managing assets during incapacity through a successor trustee, offering continuity and direction without court intervention. For Shelbyville residents, this can be particularly valuable for real estate and family-owned assets that benefit from a streamlined transfer process.While not a guarantee of tax savings or protection from creditors in all situations, a trust provides practical benefits for administration and can be tailored to address distribution timing, privacy, and incapacity planning. Ensuring the trust is funded and coordinated with beneficiary designations is essential to realize these advantages, and periodic reviews help maintain effectiveness as circumstances change.
Do I still need a will if I have a trust?
Yes, many people use a will in conjunction with a revocable living trust. A common companion document is a pour-over will that directs any assets not transferred into the trust to be moved into it upon death. The will also serves to name guardians for minor children and handle any assets that were unintentionally omitted from trust funding.Using both documents ensures a comprehensive plan: the trust handles assets placed into it and avoids probate for those items, while the pour-over will provides a safety net for any remaining property and addresses matters that a trust does not cover directly. Regular review helps maintain consistency between the will and trust.
How do I fund a revocable living trust?
Funding a trust involves transferring ownership of assets to the trust name, which may include preparing deeds to transfer real estate, changing titles on bank and brokerage accounts, and retitling business interests where appropriate. Retirement accounts and life insurance policies typically use beneficiary designations, so coordination is required to make sure those designations align with overall planning objectives.Because the exact steps vary by asset type and institution, it is helpful to have a checklist and written instructions to complete each transfer. Working with counsel and financial institutions can streamline the process and help avoid missed items that could leave assets subject to probate.
Can I serve as trustee of my own trust?
Yes, in a revocable living trust the grantor commonly serves as trustee while alive, which allows full control over trust assets including the ability to buy, sell, and use property. Retaining this role provides flexibility to manage finances and modify the trust as circumstances evolve.However, it is important to name reliable successor trustees who can step in if the grantor becomes incapacitated or dies. The trust document should provide clear instructions for successor trustees to follow, and having backups and written guidance will ease the transition and reduce potential conflicts among family members.
Will a trust reduce my taxes?
Generally, a revocable living trust does not provide immediate federal estate tax savings while the grantor is alive because the grantor retains control and the assets remain in the taxable estate. For many Tennessee residents, estate tax concerns depend on the value of the estate and current federal law thresholds. A trust can be structured as part of a broader plan that addresses tax considerations when estate tax exposure is likely.Trusts can offer indirect tax planning advantages when combined with other instruments and timely tax advice. For most families, the primary goals are administration, incapacity planning, and probate avoidance rather than immediate tax reduction, but tax considerations should be discussed during plan development.
How does a trust help if I become incapacitated?
A revocable living trust addresses incapacity by naming a successor trustee to manage trust assets and make distributions according to the trust’s terms if the grantor becomes unable to do so. This avoids the need for a court-appointed guardian or conservator for trust assets and provides a pre-established management plan for finances and property.Complementary documents such as a durable power of attorney and advance healthcare directive handle non-trust matters, ensuring a trusted person can manage bank accounts, pay bills, and make medical decisions. Together these documents create a practical framework for managing affairs during periods of incapacity and reduce disruption for family members.
Can a revocable living trust be changed after it is created?
Yes, a revocable living trust can typically be amended or revoked by the grantor at any time while they have capacity. This flexibility allows the grantor to change beneficiaries, modify distribution terms, or update trustee appointments as circumstances or wishes change. The trust document should outline the procedures for making amendments and any formalities required to ensure changes are valid under Tennessee law.Because life changes such as marriage, divorce, births, or new asset acquisitions often affect estate plans, regular review and timely amendments help keep the trust aligned with current intentions. Consulting with counsel when making significant changes ensures the amendments are implemented correctly.
Do trusts avoid probate for all assets?
A trust avoids probate only for assets that have been properly transferred into it. Assets left solely in the grantor’s name or with outdated beneficiary designations may still be subject to probate even if a trust exists. Careful funding of the trust and coordination of beneficiary forms are essential to achieve the intended probate avoidance benefits.Some assets, such as retirement accounts, often remain outside the trust and instead use beneficiary designations, so planning must consider how those accounts will pass. A thorough asset inventory and coordinated implementation help ensure the trust covers the intended property and reduces the risk of unintended probate.
How do successor trustees get paid?
Successor trustees may be entitled to compensation for reasonable services rendered during trust administration, depending on the trust terms and Tennessee law. The trust document should specify whether trustees are to be compensated and provide guidance on the rate or method of payment. Clear provisions help avoid disputes regarding trustee compensation and ensure the trustee is able to devote time and resources to administer the trust effectively.When compensation is allowed, trustees must keep detailed records of time and expenses and act in the beneficiaries’ best interests. Consulting counsel can help interpret compensation clauses and ensure actions comply with fiduciary duties and statutory requirements.
What should I bring to my first trust planning meeting?
Bring documents and information that provide a clear picture of your assets and family situation to your first meeting, including recent deeds, account statements, beneficiary forms, and any existing estate planning documents. A list of people you would consider as trustees and beneficiaries, basic family details, and information about business interests or life insurance policies will also be helpful.Providing as much documentation as possible helps expedite the planning process and allows for more accurate recommendations. If you are unsure about certain accounts or titles, bring recent statements and we can identify items that may require retitling or beneficiary coordination as part of the trust plan.