So, your client has been appointed as a trustee. While he or she may think that having a financial advisor is sufficient, in reality, they could be making a very costly mistake.
At Gaslowitz Frankel, we specialize in providing comprehensive support and guidance to trustees. We work with our legal partners to serve their clients in a way that protects their best interests and allows them to focus on what’s most important: successfully performing their fiduciary duties.
Whether it’s clarifying legal obligations, resolving disputes, or ensuring compliance with trust requirements, our attorneys are equipped with the expertise to make the trustee process more manageable. Here’s why your client shouldn’t overlook the importance of having a trust attorney in their corner:
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The Importance Of Having A Trust Attorney
No matter how stable your client’s family dynamic may be, grief and asset distribution often combine to create conflict. Being named as a trustee comes with significant responsibilities, and one of the biggest mistakes we see people make is overlooking the amount of work that being a trustee entails.
Having a trust attorney is essential right from the start, regardless of family relations or how easy the fiduciary duties appear to be. Here’s a closer look at why:
1) Trust Law Is More Complicated Than Your Client May Think
Trust administration involves a wide variety of tasks that extend far beyond simply disbursing funds to beneficiaries. From managing legal documents to getting assets appraised and handling creditor claims, the duties of a trustee are demanding to say the least.
Even straightforward trusts can present unexpected challenges, potentially leading to disputes among family members. And without a trust attorney, your client may be left without the protection they need to make it through this difficult time successfully.
2) Trust Attorneys Provide Peace Of Mind
Let’s face it – trustees often find themselves in the middle of delicate family dynamics. Despite the conflict or potential for conflict, they must fulfill their fiduciary obligations.. Having a trust attorney can provide valuable support and peace of mind.
By serving as a knowledgeable ally and advisor, a trust attorney can eliminate a lot of the trustee’s burden, including ensuring that the trustee has a sound basis for their decisions. This allows the trustee to focus on fulfilling their fiduciary duties worrying about potential liability.
Trust Attorneys for Comprehensive Estate Planning
Being named a trustee is a big responsibility that should not be taken lightly. While financial advisors play a role in managing your client’s assets, attorneys are there to provide essential legal guidance and protection. Don’t let your client underestimate the importance of having a trust attorney by their side.
Beyond trust administration, trust attorneys play a vital role in comprehensive estate planning. By understanding each client’s unique circumstances and objectives, trust attorneys can help create estate plans that encompass trusts, wills, powers of attorney, and other essential documents. This proactive approach helps clients safeguard their assets and ensures trustees’ duties are carried out effectively.
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Review Your Clients’ Trustee Obligations Options With Gaslowitz Frankel
Here at Gaslowitz Frankel, our goal is always to advocate for the best outcome for our clients. The key to a successful outcome regardless of the path you choose to take is connecting with an attorney from the very beginning.
If you are seeking help finding a resolution for a dispute, we’re here to help. Contact us by filling out our contact form for a free consultation about your case.
