Before YouAct as a Trustee Never take on the role of trustee without knowing what you may be up against. In his 2020 Sanibel Island Sun column, “Oh No! Don’t Do It!” attorney Craig Hersch offers sound advice to those named as trustee. Visit FloridaEstatePlanning.com to read the full column and many others. one another — which speaks to the many issues you must address when comparing their respective needs. Consider Attorney Craig Hersch’s Advice
If the unhappy beneficiary is aggressive enough or feels wronged, they’ll hire an all-too-eager attorney to file a lawsuit. Trust litigation often takes years. In today’s COVID-19 environment, with limited court access, a lawsuit may stretch over many years. doesn’t hurt to make sure you have a professional fiduciary at your side if there’s any hint of a problem. Talk to your friend or relative and insist they name a bank or trust company as a co-trustee. They might object, citing the expense. But a good professional trustee will often save thousands of dollars of grief and heartache. It’s not worth it. My advice? Before taking on the role of trustee, it Please consult with your own independent counsel to determine what precautions you might take to avoid the many problems that could arise.
Consider, for example, a trustee who must balance the income needs of a surviving spouse against the needs of the adult children beneficiaries who inherit when that spouse dies. And what happens when the surviving spouse is merely a stepparent to the deceased spouse’s children? Could there be a greater chance for conflict? In my 30-plus years as an estate planning attorney, I would say, “You bet there is!” I’ve seen disputes between beneficiaries who all claimed the same diamond wedding ring, or a charm bracelet, or even sea kayaks! I’ve had to call the sheriff to stop a beneficiary who pulled a U-Haul truck up to the deceased’s home ready to empty it of its contents. Siblings have sat around my conference room table hollering at one another over whether to sell the island home.
In the past, I’ve encountered calls from clients who, unbeknownst to me, took on the responsibility of acting as a trustee and found themselves at the wrong end of a negligence lawsuit. Acting as a trustee carries with it many fiduciary responsibilities such as prudently investing trust assets consistent with the trust beneficiaries’ needs, providing annual accountings, notices of significant transactions, engaging competent professionals such as attorneys and accountants, and filing tax returns — to name just a few. However, it’s the beneficiaries of the trust you need to worry about. You may not be familiar with them, and the beneficiaries may not get along with
Inspired by OhMyVeggies.com
Tasty Thai Fried Rice
INGREDIENTS:
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2 tbsp olive oil 1 onion, chopped
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5 cups jasmine rice, cooked and cooled
1/2 cup peanuts, chopped
8 oz baby bella mushrooms, sliced 4 cups broccoli, chopped to bite- size pieces
2 tbsp soy sauce
Toppings of choice for serving (sliced green onions, sliced cucumber, chopped peanuts, lime wedges, Sriracha, etc.)
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4 cloves garlic, minced
DIRECTIONS: 1. In a large nonstick skillet, heat the olive oil over medium heat. Add the onion and cook for 2–3 minutes, until softened. 2. Add the mushrooms and broccoli. Cook for 5–7 minutes, until the broccoli is tender. 3. Add the garlic and cook for 30 seconds, until fragrant.
4. Finally, add the rice and cook, stirring constantly, for 3–4 minutes. 5. Remove skillet from the heat and stir in the peanuts and soy sauce. 6. Serve garnished with your toppings.
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