NicoleReed

The Guide to Trustee Succession and Resignation

Trustee succession is the process by which a new trustee takes over the role of managing a trust. Trustee succession may occur when a trustee passes away, becomes incapacitated, resigns, declines, or is removed from the position. What is trustee succession? The term “trustee succession” refers to the process of having a new “successor” trustee …

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The Ultimate Guide to Spousal Lifetime Access Trust

What is a spousal lifetime access trust or SLAT? A Spousal Lifetime Access Trust (also known as a “SLAT”) is an irrevocable trust where one spouse is the grantor, and the other spouse is the beneficiary. The grantor spouse will execute the trust, and the beneficiary spouse will have limited access to the trust assets. …

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The Trustee’s Guide to Conflict of Interest Claims

A conflict of interest for a trustee occurs when the trustee’s personal interests potentially conflict with their responsibilities to the trust beneficiaries.  What qualifies as a conflict of interest for a trustee? Trustees owe what is called a “fiduciary duty” to the trust and its beneficiaries. This means that the trustee must manage the trust …

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