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Elder Planning Isn't Just For The Elderly

Trust administrator accused of theft

Creating a trust account can be a great way to provide financial security for yourself and your loved ones. Depending on the type of trust you choose to create, you can dictate how trust funds are managed, paid out and utilized. While selecting the right type of trust or trusts for you can be critically important, so, too, can choosing your trust administrator. To see just how important this step can be, you need only look at one recent case where a trust administrator is accused of abusing his power.

According to reports, the man was responsible for administering a savings account in trust for another individual. However, shortly after opening the account, the man allegedly converted significant funds for his own personal use. Some reports estimate that he stole more than $120,000, as the money was intended for the other individual's personal needs. The man has since been arrested and is now facing multiple felony charges.

This case helps highlight the importance of selecting a trustworthy trust administrator. Instead of choosing a beloved family or friend, you need to consider who will adhere to the rules you set forth when creating your trust. If you have any doubts as to whether an individual will adhere to your wishes, then you need to consider someone else for the job.

Trusts can be a critical part of estate planning and even long-term care planning. Although these planning processes may seem relatively simple, they can actually be fraught with legal complexities. Some are easy to avoid, while others are more challenging. However, with proper planning, you can have an estate or long-term care plan that protects the best interests of you and your loved ones. To learn more about what you can do to further this goal, consider discussing your circumstances and your desires with a skilled legal professional.

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