Who handles your trust?

December 16, 2019

Who handles your trust?

This article came to my attention this morning:


https://www.wdsu.com/article/woman-posing-as-lawyer-accused-of-emptying-mans-dollar2m-trust-fund/30224617#


The unfortunate victim of the fraud was told by the suspect that she was with his trust's administration firm, when she was not.  This resulted in him being defrauded for a great deal of money and assets.

 Fortunately there is not any apparent wrongdoing by the firm managing the man's trust.


It is important to remember to pick trustees wisely and even more important to know who they are.  Meaning that you should be wary of picking "XYZ Trust Corporation" to handle the administration of your trust for the beneficiaries.  You don't always know who is behind the scenes filling out forms, checking boxes, and signing documents. 


Remember, you have control over your assets and wealth planning.  You can choose your trustees, you can choose the successor trustees if your first pick cannot or will not serve, you can choose whether there needs to be trustee removal terms built in to the trust, and you can limit trustee powers.  All of these things can be tailored to your exact wants. 


Fraud like the case in Louisiana unfortunately does happen, but you can balance your risk through thoughtful planning on who will be your trustee.  Hopefully the victim here will be made whole, and the real trust administration firm will not be tarnished as a result of this crime.

June 17, 2025
What Types of Assets Can Be Included in a Prenuptial Agreement in South Carolina?
A scale of justice is sitting on a wooden table next to a judge 's gavel.
May 17, 2025
Discover how to avoid probate in South Carolina with expert estate planning advice. Lowcountry Legal Solutions, LLC assists Hilton Head Island residents in creating trusts, joint ownership arrangements, and beneficiary designations to protect assets and simplify estate administration.
Two women are sitting on a window sill having a conversation.
April 16, 2025
Discover if verbal contracts are enforceable in South Carolina and learn when written agreements are required. Lowcountry Legal Solutions, LLC provides trusted legal guidance to Hilton Head Island residents regarding contract disputes and agreements.
March 25, 2025
Consequences of Failing to Pay Spousal Support in South Carolina
February 25, 2025
What Is the Difference Between a Will and a Trust in South Carolina?
January 24, 2025
What Are the Documents Required to Form an LLC in South Carolina?
A scale of justice is sitting on a wooden table next to a laptop.
December 19, 2024
This blog post discusses the importance of working with an estate lawyer when setting up a Special Needs Trust (SNT) for a disabled loved one. It highlights the legal complexities of creating an SNT, the potential risks of mistakes, and the ongoing legal support needed to ensure the trust remains compliant and effective. With expert guidance, families can secure their loved one’s financial future while preserving eligibility for government benefits.
November 15, 2024
How Long Does Probate Take in South Carolina?
October 24, 2024
How is Child Custody Determined in South Carolina?
May 21, 2024
Learn about child custody laws in South Carolina with insights from Low Country Legal Solutions, LLC. Understand the factors influencing custody decisions and how to protect your parental rights.
More Posts