Categories
Trust Funds

Spotting Mismanagement of Trust Funds

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.

Categories
Estate Plan

Why You Need to Have an Estate Plan

why-you-need-to-have-an-estate-plan

Are you considering having an estate plan? Or you haven’t convinced yourself on having an estate plan?

An individual must know why you need to have an estate plan. As the head of the family, you should set things right in your estate. Having an estate plan is an essential part of our culture. It is a protection for yourself and your family.

Sadly, there are still people who fail to set up an estate plan. For some, they refuse to have this because of:

  • Lack of knowledge
  • The cost involved
  • They did not consult the services of an attorney.

Having an estate plan is necessary to avoid these issues:

  • Family conflict.
    It is not unusual for family members to get in conflict with the other members. Fighting over the assets left by you after your death.
  • Probate.
    Passing away without leaving an estate plan will force your beneficiaries to go to court. They will have to undergo a long process to have your assets transferred to their names.
  • Asset protection.
    In Florida revocable trust, it does not provide asset protection. But you can integrate provisos into the trust as protection against the creditors of your beneficiaries. Tapping the best lawyer in Hollywood, Florida, can guide you in this process.

There are still several reasons why you should have estate planning. If you are confused about the legalities of this matter, seek enlightenment from THE ADVOCATE CONSULTING LAW GROUP. As an efficient attorney in Hollywood, Florida, we provide legal assistance to those in need.

If you are looking for the best attorney in Hollywood, Florida, check more about us here on our website. For urgent legal matters, schedule a call with us.