Being an Executor of an Estate or a Trustee of a Trust comes with having fiduciary responsibility to the ultimate beneficiaries. One such responsibility is to provide an accounting: a report of all the revenue and expenses.

There are several instances where an accounting might be done:

  1. Usually, the Executor or a Trustee will provide an informal accounting prior to making the final distribution from the Estate or the Trust. As part of this process, the Executor or Trustee will ask the beneficiary to sign a Release and Waiver Agreement, designed to protect the Executor or Trustee from liability.

  2. Sometimes, the beneficiaries may request an accounting.


Continue Reading Must an Executor or a Trustee provide an Accounting?

Regardless of the President that is sitting in the Oval Office, the litigious nature of our society is not going to change.  There are many instances in which a client can be sued, including but not limited to: injuring someone in a car accident, being sued for malpractice, involvement in a business dispute, or owning a rental property in which someone was injured.

Certain assets are exempt from creditors as a matter of public policy:


Continue Reading What Assets are Protected from Creditors?

Trust and estate litigation is on the rise. The conflict can arise due to beneficiaries who feel they were entitled to more money or Trustees, who are supposed to act as fiduciaries with care, loyalty and impartiality, but often don’t.

Unfortunately, you cannot plan for every contingency. You hope that the Trustee that you picked will act as a proper fiduciary, will not steal the beneficiary’s money and will act in accordance with the Trust’s provisions. You also hope that beneficiaries will honor the wishes of the Grantor, even when the Trust provides for unequal distributions.


Continue Reading Are you at risk of getting sued, if you agree to act as a Fiduciary (Executors, Trustees and Agents under Power of Attorney)?