Can I open an estate without a lawyer?
Can I open an estate without a lawyer?
Many executors are able to wrap up an estate themselves, without hiring a probate lawyer. But if you’re handling an estate that’s straightforward and not too large, you may find that you can get by just fine without professional help.
Who is the trustee of a trust Trust?
The Trustee is the guy who manages your Trust assets. Great care should be taken in your selection of your Trustee. The Trustee is bound by the Trust document (contract) and he has a duty to protect Trust assets for the Beneficiaries.
Who are the executors and trustees of an estate?
The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for …
Who is the legal owner of a trust?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
Can a trustee derive any advantage from a trust?
This goes beyond fraudulent abuse of position by a Trustee. There is a basic rule that a Trustee may not derive any advantage directly or indirectly from a Trust unless expressly permitted by the Trust; for example, where he is a professional Trustee and the Trust provides specifically for a right to make reasonable charges for services.
Do you need a trust attorney to settle an estate?
Although the idea is to avoid probate by transferring all estate assets into the trust, it is not uncommon for assets to be left out unintentionally. In that case, probate may be required, thereby complicating matters and likely calling for the assistance of a trust attorney.
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for
Do you need to stay in touch with the executor and trustee?
If you aren’t serving as both executor of the estate and trustee of the trust, stay in close touch with the executor during these first few months. You need to know what the executor is doing and why.