http://borg-law.com/wp-content/uploads/2014/01/Del-Mar-Shores-North-Diego-1206843.jpg 600 800 Rickard Borg, Esq. http://borg-law.com/wp-content/uploads/2013/10/edited-homepagelogo-1-300x77.jpg Rickard Borg, Esq.2014-01-15 15:37:342014-01-15 15:38:26The Great Value of a Trust
Yesterday as I was preparing for to go to court on a trust matter an attorneys commercial came on T.V. proclaiming the great value of a trust. The attorney represented that his trust would avoid the high cost of attorney fees.
A short time later I was in the probate courtroom listening to a trust case hearing before attending one on behalf of my client. In the case before mine, five lawyers were in the courtroom with another on the phone. Judge Julia Kelety in San Diego Superior Court advised one lawyer this was not Los Angeles and she would not award attorney fees to any one lawyer over the $300 per hour range. The attorney on the phone was complaining he had not been paid as a trustee. The Judge Kelety advised him that NO GOOD DEED GOES UNPUNISHED and that she would never personally consider taking on the responsibilities of being a trustee.
As the case went on, I thought about the terrible waste that was being suffered by the beneficiaries of the my case where judge Kelety some months before preliminarily awarded each side $75,000 dollars in attorney fees. I suspect the other side has consumed the entire amount. I havent.
As I listened to all the courtroom turmoil and considered the terrible waste being suffered in my case, I felt compelled to share the fact that if a trust fails to consider the specific family dynamics it may create rather than prevent a financial disaster.
In short one size does not fit all. If anyone knows of a trust disaster, I would like to hear a short summary to share with the public so consumers know to be cautious when they create a trust. The biggest problems I see is nominating a trustee that is not fit for the job or signing a big document which is not really understood. In that regard most of our trusts are less than 5 pages.
Again I would like to hear the disaster stories out there.
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