Alex What is the role of a trust attorney?
To assist you in setting up a trust, a trust lawyer is needed who can provide meaningful legal help to the trustee, the person who is in charge managing the trust. The trust attorney’s tasks also include drafting documents intended for the protection of the assets against lawsuits and taxes.
Who is the best person to serve as a trustee?
And there are many reasons that a lawyer might or might not do that. For instance, the drafting lawyer might be the best person to serve as the trustee in the client’s will or trust because the lawyer knows the terms of the will and trust better, probably, than anyone else, including the client.
Why does a lawyer serve as a trustee?
attorney provides fiduciary services and is among the client’s options for trustee. In that instance, the lawyer may run the risk of unduly influencing the client or overreaching, simply because a client-lawyer relationship already exists, and the client inherently believes in and trusts the lawyer. 13
When to choose a successor trustee for a trust?
select a successor trustee who will serve after the client’s death or incapacity. The client also must name an initial (and successor) trustee for those trusts of which the client cannot serve as trustee during life (e.g., an irrevocable trust intended to remove assets from the client’s estate for estate tax purposes).
What’s the rule on confidentiality for a lawyer?
For instance, the Rule on Confidentiality that applies to a lawyer is extremely broad. It applies to any information about the client, including information that is gained from a public source. As lawyers, we don’t talk about our clients to anyone about anything unless it is to pursue the representation.
Can a lawyer serve as a trustee in a trust?
While serving as a trustee can provide a source of income, lawyers should consider the administrative, ethical, and other aspects of assuming the role of trustee. Author: AMY K. KANYUK, ATTORNEY. AMY K. KANYUK is a partner at McDonald & Kanyuk, PLLC in Concord, New Hampshire.
And there are many reasons that a lawyer might or might not do that. For instance, the drafting lawyer might be the best person to serve as the trustee in the client’s will or trust because the lawyer knows the terms of the will and trust better, probably, than anyone else, including the client.
select a successor trustee who will serve after the client’s death or incapacity. The client also must name an initial (and successor) trustee for those trusts of which the client cannot serve as trustee during life (e.g., an irrevocable trust intended to remove assets from the client’s estate for estate tax purposes).
Can a trust be contested just like a will?
A trust can be contested just like a will. A trust contest could be successful if the trust maker was mentally incompetent, forced, unduly influenced, or deceived when setting up the trust. Can a trust override a will?