Opening a trust fund makes life more convenient as it helps ensure that your assets, whether they be a certain amount of money, properties, stocks, or companies, are properly managed until your beneficiaries come of a certain age. This also saves beneficiaries from the hassles of getting a Probate Lawyer and waiting for the probate court to distribute their assets. However, it does come with a potentially grave risk which stems from trusting the wrong third party or trustee.
Trust funds are legal arrangements that require the expertise of a Lawyer to explain the stipulations of the trust and the duties and responsibilities of the trustee. Consulting with the Best Attorney in Miramar, Florida, also helps reduce your risk of your trusts being abused. Yes, entrusting your assets to a trustee may put them at risk of mismanagement. How do you know whether or not the fiduciary is taking advantage of your assets? Here are some red flags you should look out for.
- Missing or sold assets for which the proceeds are hidden from the sale
- Incomplete records of investments, transactions, and annual reports
- Commingled trust assets with their personal accounts or assets
- Changes in the terms and conditions of the trusts without orders from the grantor
- Refusal to cooperate or communicate with the beneficiary or withholding a trust without any valid reason
When you notice these signs and you have clear evidence of your trustee’s malfeasances, seek professional help right away to prevent further damage or loss. You can reach out to an Attorney in Hollywood, Florida, to discuss your legal options. Beneficiaries can also hire a lawyer in Hollywood, Florida, should they wish to press charges and remove or replace the trustee, acquire the accurate distribution of the trust, or terminate the trust.
THE ADVOCATE CONSULTING LAW GROUP has the Best Lawyer in Pembroke Pines, Florida, to handle cases like this. We are happy to share our expertise on wills, trusts, and other legal areas you need help with. Consult our litigators today.