If you do not know the rules in West Palm Beach you may end up picking an invalid trustee who cannot serve. Avoid the cost of amendments and get it right the first time with an experienced Palm Beach probate litigator.
If you are setting up a trust in West Palm Beach one thing you are going to need is a trustee. Do you know the rules for picking a trustee? Not everyone is fit to serve. Learn the rules before you are stuck amending a trust because it has no trustee in West Palm Beach.
Trusts 101: What does a Trustee Do?
- A trust creates a fiduciary relationship between a trustee and the trust’s beneficiaries.
- A beneficiary is the one who enjoys the benefits of the property while the trustee is left managing it.
- In other words the beneficiary gets all the fun and the trustee gets all the work.
- Who would want to be a trustee then?
- Experienced Palm Beach probate litigators know that trustees are compensated areasonable fee for their troubles.
- What constitutes a reasonable fee in West Palm Beach for a trustee?
- A donor deeds the property to the trustee so that the trust property is actually owned by the trustee but in a trust relationship.
- This is known as legal title while the beneficiary has something known as equitable title.
- This is why it is so important to pick the right trustee, they actually are going to own the property.
- If a trustee misappropriates the property you may be in for a long expensive court battle in West Palm Beach so it is important to pick someone you trust.
- There are also several important rules to picking a trustee.
- Do you know what they are?
Picking a Trustee in West Palm Beach
- Picking a trustee in West Palm Beach is a very important decision and should be approached with caution.
- A trustee does not just hold property they also in most cases will invest funds as they see fit.
- If someone cannot handle their own finances what makes you think they will be able to properly and prudently administer your West Palm Beach trust?
- Besides the common sense considerations like financial wherewithal, there are also several rules you need to know when choosing your West Palm Beach trustee.
- Did you know a trustee must be old enough to contract?
- If someone is under 18 it does not matter that they have a PhD from Wharton Business School – they cannot be a West Palm Beach trustee.
- What other important rules do you need to know?
- Most are small technicalities that you should consult a West Palm Beach probate attorney about so that you leave no stone unturned.
- For example a criminal record may stop someone from serving as a West Palm Beach trustee.
- You have to check the rules to learn more.