Law Offices Of Albert Goodwin

Law Offices Of Albert Goodwin Blogs

Blog Authors

Latest from Law Offices Of Albert Goodwin

Acting a trustee is a big responsibility, and one needs to be careful not to do the wrong thing. Here is a summary of what a trustee cannot do: Steal from the trust Fail to follow the terms of the trust Mismanage trust assets including bank accounts, stock, bonds, retirement accounts, pensions Fail to take […] The post What a Trustee Cannot Do appeared first on New York City Estate Lawyer Albert Goodwin, Esq..…
In New York, an irrevocable trust is a trust that cannot be revoked or modified without either a court order or written consent from all parties involved (all trustees, beneficiaries and people who made the trust). Is a New York Trust Revocable or Irrevocable by Default? A New York trust is irrevocable by default.  NY EPTL […] The post Irrevocable Trust New York appeared first on New York City Estate Lawyer Albert Goodwin, Esq..…
Yes, a trustee can also be a beneficiary, and they often are. But in some types of trusts, a trustee cannot be a beneficiary. Many trusts have the same people fulfilling multiple roles. As lawyers like to say, the same person can “wear many hats.” We often have the person who made the trust fulfill […] The post Can a Trustee Also be a Beneficiary appeared first on New York City Estate Lawyer Albert Goodwin,
A beneficiary is entitled to distributions of trust assets if the trust authorizes such distributions. Here are some examples of the different types of trust distribution arrangements for beneficiaries: An immediate distribution upon the death of the person who made the trust An immediate distribution upon reaching a certain age (for example, 18 or 25) A […] The post Distributions of Trust Assets to Beneficiaries appeared first on New York City Estate Lawyer Albert Goodwin, Esq.
While the majority of trustees handle trust administration timely and adequately, there are times where a trustee refuses to act. There are steps that you can take to hurry the trustee along and protect your interest in a trust. You are entitled to a full accounting of the trust’s assets and to the timely distribution […] The post What to Do if a Trustee Refuses to Act appeared first on New York City Estate Lawyer
Jimmy found out that his favorite aunt, Linda, made him a beneficiary of her trust prior to her passing. Jimmy waited patiently for the trustee to do what has to be done and distribute his share of the trust. Reasoning that Linda would have wanted him to do so, Jimmy decided to splurge on an […] The post Too Slow: Getting the Trustee to Distribute Your Share of the Trust appeared first on New York
Beneficiaries of a trust have the right to: Receive current and truthful information about the trust Get the entire share of the trust that they are entitled to Receive a timely distribution of their share of the trust Compel the trustee to provide a formal judicial accounting Have the court remove a trustee who is […] The post Rights of Beneficiaries of a Trust appeared first on New York City Estate Lawyer Albert Goodwin, Esq.
There are significant penalties for stealing from a trust. The court can discharge the trustee and replace them with someone else, force them to return the money and take away their commissions. There can also be criminal a penalty, but most trust theft allegations do not escalate to criminal prosecution. Civil Penalties for Stealing from […] The post Stealing from a Trust: What is the Penalty appeared first on New York City Estate Lawyer Albert