The Trust-Trustee Relationship

Trust funds have ups-and-downs along with the stocks to which they’re bound.  Trustees sometimes sue their bank, claiming it didn’t properly diversify stocks.  A recent example is the case of W.A.K. II v. Wachovia, in which a minor sued Wachovia Bank over its handling of a trust created by his grandmother.

It’s not uncommon for minors who own trusts to disagree with the measures co-trustees approve on their behalf.   In such cases, an estate planning attorney may act a professional trustee, trained to handle unusual or complicated circumstances surrounding trusts and respective documentation.

A trust may provide lifetime income for certain family members, leaving the rest to others, known as remaindermen. In such cases, the trustee has to balance the needs of direct beneficiaries with those of the remaindermen, making sure assets are invested to grow.

In order to avoid hostility within families, trustees may want to hire an experienced estate planning lawyer, at the very least, to keep everyone calm and listen to demands objectively.

To discuss your trust and estate planning needs, contact the experienced attorneys at Fields & Dennis, LLP at 781.489.6776.