I heard a story from another lawyer today, although it is sadly quite common. A grandfather, trying to do something for his grandkids as his dying wish, left those grandkids a bunch of money. His grandkids are still young - teens and preteens. He probably figured he would help them get a leg up by leaving them each about $1 million. So how is that a mistake? The problem is that he left those gifts to the kids directly, rather than using a trust. Why does that matter? Because when the ...
Who Wants to Be a Trustee? – Part 4 – Compensation
So long as the trustee performs his duties and tasks properly, she is entitled to take compensation. However, if the trustee does not perform properly, she may be liable to the trust or its beneficiaries out of her own pocket. Compensation Some trusts set out a fee schedule for trustee compensation. If so, certainly the trustee should follow that schedule, or seek court approval to deviate. Other trusts say something flexible (but vague) like "reasonable" compensation. In determining ...
Who Wants to Be a Trustee? – Part 3 – Tasks
Trustees are obligated to meet their duties, described in Part 2 of this series. To do so, the trustee must complete a number of tasks throughout his or her service as trustee. Throughout, the trustee must consider whether he or she has the power to take a particular action. Well-drafted trusts include a lengthy section spelling out exactly what the trustee may do in administering the trust. Generally speaking, if an action benefits the beneficiaries, the trustee may do that act if ...
Who Wants to Be a Trustee? – Part 2 – Duties
In this second entry in our trustee series, we look at the duties a trustee must follow under state law. Here are the basics: Duty to Follow Trust Document Although perhaps it seems obvious, the trustee must follow the trust document. If there is any confusion, the trustee has to try to figure out what the grantor intended. So, a trustee must read (and re-read) the entire trust document to make sure she understands what the terms of the trust say. Then she has to follow those terms, even ...
Who Wants to Be a Trustee? – Part 1 – Overview
Estate planning attorneys use trusts to solve all sorts of problems for their clients. Any time there is a trust, there must be a trustee - the person who manages the assets in a trust. This post, along with the next several ones, will talk about what it means to be a trustee. Wait, what's a trust again? A trust is an agreement in which the grantor designates a trustee to manage assets for the beneficiary. One person might fill more than one of these roles. In a revocable living trust ...
All Are Welcome Here!
On June 4, 2018, the U.S. Supreme Court ruled that a Colorado cake baker could decline to prepare a wedding cake for a same-sex couple on religious grounds. Masterpiece Cakeshop, Ltd. v. Colorado Civil Rights Commission, 584 U.S. ___ (2018). So I thought I'd take a moment to reiterate that, even if Learned Lawyer could decline service to a couple on religious grounds, we will not. Indeed, all are welcome to experience the peace of mind that comes from completing your estate plan, or to seek ...
Meet Tate Volbrecht
We are proud to announce that we've added a new employee to help bring our clients peace of mind. Meet Tate Volbrecht: Tate Volbrecht was born and raised in Billings, Montana and moved to Boise in 2016. A graduate of Billings Senior High School, Tate was involved with a variety of school-based activities, such as Track, Symphonic Band, Drum Corps, and Speech & Debate. However, his desire to learn and grow drew him to Boise State University, where he is an active member of the campus ...
5 Things Your Kid Should Do Before Leaving for College
May is graduation month. (Congratulations, class of 2018!) Perhaps one of your children graduated from high school and is fledging the nest. Whether they are off to college or to some other great adventure, there are a few documents you should make sure your child completes before leaving home. (And if they've already left, call them and have them get on these tasks right away! Or next time they are home for a visit!) 1. Health Care Power of Attorney Now that your child is over 18, in the ...
We’re hiring!
We are looking for a part-time legal receptionist and clerk to start immediately. Please share this posting with anyone you think might be interested: A small, downtown Boise law firm focused on estate planning and probate is accepting applications for the position of part-time receptionist and clerk. You should be professional, friendly, and dependable, as you will be the first point of contact for our clients. You will be expected to take initiative, have strong communication skills, ...
Who Gets My Guns, and How?
Estate planning is complicated, but of all the assets covered in a plan, guns present the most unique challenge. In Idaho, approximately 57% of households own one or more firearms. Thus, as an Idaho estate planning attorney, we frequently encounter and address the challenges these items present. One complicating factor is the myriad of laws that apply, including federally and on the state and local level. Often, firearm owners don't consider these legal issues while they are alive. That ...
