Orange County probate lawyer Phillip Lemmons APC handles living trust issues of every kind, and has developed a website to answer questions regarding trusts and probate matter. Watch this video to learn what a Southern California probate attorney has to say about nominating trustees.
Some of the problems with living trusts have to do with the trustee. Most of the time a trustee is chosen to manage the family wealth due to traditional roles. The oldest child is typically chosen as the trustee and is thrown into this role of managing the family’s inheritance; however, this child may not have any experience managing wealth. Choosing a trustee should be well thought out. Consider how your proposes successor trustee handles his or her own financial matters. Avoid nominating successor trustees because of emotions. In one case, a couple chose their eldest son as a trustee without considering his heavy interest in the stock market. He ended up investing the entire family wealth into the stock market and lost the entire estate. A trustee has a lot of duties to the beneficiaries, which can be abused in many ways. If you need help establishing your living trust, please call The Legacy Lawyers. They are experienced Orange County, Los Angeles, Riverside, San Bernardino, and San Diego probate attorneys. Make sure to visit their website at www.thelegacylawyers.com to view their free books, articles, frequently asked questions and other helpful resources. Call today at (800) 840-1998 to schedule a free consultation.