You're the beneficiary of a trust in California. You want to ensure that the distribution of trust assets is smooth and timely. And while the chances are good that distribution to beneficiaries will go off without a hitch, there is still potential trouble to look out for. What are the top five factors to keep in mind if you're the heir to an estate and are concerned about a bad trustee or possible trust litigation?
You learn that you have been named as a beneficiary of a trust. Many questions come to mind. What's next? What are my rights? It helps to start with a few basics about trust structures, their creation and their managers.
Michael Jackson, the King of Pop, made his professional debut at the age of 6 as a member of the musical group his older brothers started called the Jackson 5. He spent nearly his entire life in the public eye, and by the time he died in June 2009 at the age of 50, he was one of the most famous and successful recording artists of the 20th century. His album Thriller sold an astonishing 66 million copies and is said to be the best-selling album of all time. As proof of his enduring legacy, Jackson's estate earned $825 million in 2016 alone and more than $2 billion since his death 10 years ago.
Disinheritance is emotionally and financially troubling. It shatters long-held family expectations.
I enjoy reading The Wall Street Journal's book reviews. They're thoughtful, well written and a potential source of inspiration. The Journal's article titled "'Life Finds a Way' and 'Good Enough' Review: The Drive to Thrive" is a ready source of inspiration.
Trust administration can be challenging. Layperson trustees are not really trained for the tasks. And, professional fiduciaries can occasionally go off track. Lack of transparency is an ignition switch for controversy. Controversy that can flame into expensive and emotional trust litigation. So, is it a good thing to avoid litigation?
This week I was pleased to join Chuck Jaffe, host of the popular radio show Money Life. Chuck is a veteran journalist with nationally syndicated columns in publications like The Wall Street Journal, The Boston Globe, and MarketWatch, and it goes without saying he knows a thing or two about financial management and well-being.
The outlook is dreadful. You can see what's happening. You know that there is an aftermath to your parent's isolation from family members.