I'm a non-attorney fiduciary accountant for a trusts and estates law firm with bar licenses in DC, MD, VA. Although you are in California, this is great information. Even non-attorney "team members" for clients need to understand all these intricacies to ensure non-attorney clients serving as trustees for family trusts comply with accounting rules and ethics. As the accountant, it's my responsibility to point out any accounting irregularities to the billing attorney. As the daughter of a beneficiary of a trust, it's also educational. Thank you!! ❤❤
Thank you for leaving a comment! We are currently looking to form referral relationships in other states. If your firm is interested, please reach out: www.cunninghamlegal.com/california-law-offices/contact/
We have written a blog on this subject and it should answer all your questions: www.cunninghamlegal.com/what-is-a-trust-protector-and-do-i-need-one-estate-planning-tips/
When you are checking into a trustee, and he says" I'm hiring a attorney for me and the trust has to pay for this attorney" is that someone afraid of his power? Or he's not really sure of himself etc.?
Under California law, when a trustee hires an attorney to represent the trust as trustee, the trust typically pays for it. The catch is that if the trustee stops being trustee, the next trustee in line has full access to the legal advice the former trustee received from the lawyer.
@@CunninghamLegal He actually said he needs a lawyer to protect him. Is this someone who has been possibly sued before. Also I have looked up who qualifies has a SNT. I do not qualify for this trust. Can I receive my home and money back in my name, if I can prove this?
Maybe there should be a state registry of wills and trusts in each state where any new wills or trusts are counted. The attorney who was involved with the writing, notary involved and date, listed in that data bank.
That's an interesting idea. A state registry could make handling wills and trusts clearer and faster. But, we'd need to ensure people's private details are safe, and it could be quite costly to set up and run because of the volume of documents that would need to be recorded.
What alternate trustee options are there for someone who has high -risk beneficiaries and no one personal who wants to take on responsibility of trustee?
We actually have an upcoming webinar on this! There are Professional Trustees, which are typically companies that you can pay to act as your Trustee: www.cunninghamlegal.com/independent-trustee-what-is-it-and-should-you-have-one/ We also touch on it in this video: ua-cam.com/video/uACZ59DXLyI/v-deo.html
I'm a non-attorney fiduciary accountant for a trusts and estates law firm with bar licenses in DC, MD, VA. Although you are in California, this is great information. Even non-attorney "team members" for clients need to understand all these intricacies to ensure non-attorney clients serving as trustees for family trusts comply with accounting rules and ethics. As the accountant, it's my responsibility to point out any accounting irregularities to the billing attorney. As the daughter of a beneficiary of a trust, it's also educational. Thank you!! ❤❤
Thank you for leaving a comment! We are currently looking to form referral relationships in other states. If your firm is interested, please reach out: www.cunninghamlegal.com/california-law-offices/contact/
This is amazing!!! I’m in a dispute now. A trust protector is so important. That would have saved so much money and heartache
What is a trust protector?
@@dennykeaton9701 from what I understand and in short. It’s a designated person that has the ability to remove a trustee without the court.
@@a-a-ronbrowser1486 Thanks.🙏
The act of 1877 declared the United States a foreign corporation, so wouldnt that make all US Trusts "foreign trusts"?
We have written a blog on this subject and it should answer all your questions: www.cunninghamlegal.com/what-is-a-trust-protector-and-do-i-need-one-estate-planning-tips/
Excellent video! Very informative. Thank you!
Glad it was helpful!
Great talk and very helpful! Terrifying... but helpful.
Glad it was helpful!
When you are checking into a trustee, and he says" I'm hiring a attorney for me and the trust has to pay for this attorney" is that someone afraid of his power? Or he's not really sure of himself etc.?
Under California law, when a trustee hires an attorney to represent the trust as trustee, the trust typically pays for it. The catch is that if the trustee stops being trustee, the next trustee in line has full access to the legal advice the former trustee received from the lawyer.
@@CunninghamLegal He actually said he needs a lawyer to protect him. Is this someone who has been possibly sued before. Also I have looked up who qualifies has a SNT. I do not qualify for this trust. Can I receive my home and money back in my name, if I can prove this?
Maybe there should be a state registry of wills and trusts in each state where any new wills or trusts are counted. The attorney who was involved with the writing, notary involved and date, listed in that data bank.
That's an interesting idea. A state registry could make handling wills and trusts clearer and faster. But, we'd need to ensure people's private details are safe, and it could be quite costly to set up and run because of the volume of documents that would need to be recorded.
That will infringe on the autonomy of the trust .
What alternate trustee options are there for someone who has high -risk beneficiaries and no one personal who wants to take on responsibility of trustee?
We actually have an upcoming webinar on this! There are Professional Trustees, which are typically companies that you can pay to act as your Trustee: www.cunninghamlegal.com/independent-trustee-what-is-it-and-should-you-have-one/ We also touch on it in this video: ua-cam.com/video/uACZ59DXLyI/v-deo.html