in For Professionals, Trustee Tips
Should I use a Domestic Asset Protection Trust or a New-HING?
Domestic Asset Protection Trusts (DAPT) have been around since Alaska established one in 1996. They can now be found in 17 states. Northeast Private Trustees can help you with a DAPT established in New Hampshire. What is a DAPT? A DAPT is an...
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22
 in Helpful Insights, Trustee Tips
Trustee Responsibilities: 6 Common Challenges for Trustees
As a trustee, you hold a position of significant responsibility. Your role involves managing trust assets and making decisions that directly impact the beneficiaries. However, this role is not without its challenges and potential pitfalls. Missteps can lead to legal...
Trustee responsibilities
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 in Trustee Tips
Can Irrevocable Trusts Protect Assets in Divorce?
Court Issues Yet Another Ruling Casting Doubt on the Ability of Irrevocable Trusts to Protect Assets in Divorce. In Jones v. Jones (2023), the Massachusetts Appeals Court followed a long line of cases in deciding when a third-party trust (one...
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71
 in Helpful Insights, Trustee Tips
Trust Accounting to Beneficiaries: What to Expect
Trust Accounting. Boring! (Not if you're a beneficiary) “Tell me the bottom line!”, the beneficiary feels like yelling. “Did I make money or lose?”  One of the duties of a trustee is to provide financial information to beneficiaries. Unlike a...
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114
 in Helpful Insights, Trustee Tips
How Does a HEMS Trust Standard Affect Trust Distributions?
HEMS is a common acronym used in estate planning. What does it mean? It has nothing to do with sewing. This is a different kind of hems! Many trusts include a HEMS standard which is a tool that grantors have...
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110
 in Helpful Insights, Trustee Tips
You’re Executor of an Estate. Now What?
It can be an overwhelming endeavor to take on the role of executor of an estate. While the initial assignment might seem like an honor, the reality of the role naturally triggers many questions. In order to execute the role...
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175
 in Helpful Insights, Trustee Tips
How a Trust Protector Can Rescue Irrevocable Trusts
The term Trust Protector carries the connotation of a superhero, poised to come to the rescue when called upon. A Trust Protector’s role is to guide a trustee to ensure that a grantor’s intentions and wishes are carried out. It’s...
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180
 in Helpful Insights, Trustee Tips
How to Choose a Loyal Trustee: Know Your Options
Are you preparing to choose a trustee? Knowing how to choose a trustee, and what your options are, is not as straightforward as it seems. In fact, there are a number of factors and considerations that come into play when...
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193
 in Helpful Insights, Trustee Tips
When and How to Remove a Trustee
Are you considering how to remove a trustee who you feel is not doing their job or is incompatible? While you may feel there “should” be a straightforward response to your problem, often there is not. Depending on the trust,...
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191
 in Helpful Insights, Trustee Tips
The Trustee–Beneficiary Relationship: Building Trust Through Understanding, Process, & Accounting
You’re facing a new trustee appointment with a trust you didn’t write and beneficiaries you didn’t previously know. This article sets out an indelible process to help you build a relationship, establish rapport, and do well in your new position....
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