Todd Whatley deepens his exploration of trust issues with an essential, often overlooked aspect of trust creation: trustee selection. He explains why choosing the right trustee is crucial and provides practical guidance on qualities to look for, common mistakes to avoid, and when to consider professional trustees.

• Trustees have significant responsibilities including asset management, compliance with trust terms, fair distribution, and handling administrative tasks
• Good trustees need financial acumen, organizational skills, integrity, trustworthiness, and strong communication abilities
• Commercial trustees are often worth considering as they're trained, licensed, bonded, and can handle the full-time job requirements
• Common mistakes include choosing family members without proper qualifications and selecting unavailable or disinterested trustees
• Co-trustees offer benefits like shared responsibility but can create conflicts and slower decision-making processes
• Special situations like special needs trusts, charitable trusts, and Medicaid planning require specialized trustee knowledge
• Education is key—attorneys should spend time explaining trustee responsibilities and options to differentiate themselves from non-attorney trust providers

Schedule a call at theelderlawcoach.com to explore how coaching can help grow your elder law practice. Todd promises honest assessment of readiness and fit for his program.

Information to help you answer all of your questions about aging.

Attorney Todd Whatley addresses the critical components of trust management and highlights common trust mistakes that attorneys should help clients avoid. He provides insight into how elder law attorneys can differentiate themselves from DIY solutions and financial advisors attempting to provide estate planning.

• DIY estate planning services and financial advisors are aggressively targeting clients, claiming lawyers aren't necessary
• Trust documents need specialized language to handle incapacity periods before death, not just asset transfers after death
• Testamentary trusts provide significant protection from bankruptcy, divorce, and lawsuits for beneficiaries
• The biggest mistake in trust planning is failure to fund the trust by properly titling assets
• Multiple co-trustees often create family conflict; consider recommending corporate trustees instead
• Careful trustee selection is critical for proper trust administration
• Trustees have fiduciary duties and should maintain detailed records and communication
• Attorneys should avoid amending other professionals' trust documents due to malpractice concerns
• Regular trust reviews (every five years) are essential as family situations and laws change

For more information about Todd's elder law coaching services, visit theelderlawcoach.com to schedule a free consultation call.

Information to help you answer all of your questions about aging.

Understanding the significance of Powers of Attorney (POA) is crucial for anyone planning for the future. Legal expert Todd Whatley leads our discussion on why establishing a POA is a must-have for every adult, emphasizing the role it plays in protecting your interests and easing family burdens during times of uncertainty and incapacity.

• Definition of Power of Attorney and its importance
• Types: Financial and healthcare POA explanations
• Consequences of inaction: guardianship risks highlighted
• Common misconceptions about POAs debunked
• Selecting the right agent: trust and duties explained
• Recommendations for developing a comprehensive POA
• Call to action: Create or review your POA today for peace of mind

Please call the office 479-601-4119 or go to generationslegalgroup.com for assistance in getting your Power of Attorney completed.

Information to help you answer all of your questions about aging.