By Michael Hebenstreit, Whitham Hebenstreit & Zubek LLP
One of the interesting and sometimes frustrating aspects of being a trustee concerns the substantial knowledge of disparate legal matters necessary to properly perform the duties of a trustee. Trustees need to be familiar with real estate law, family law, business law, probate proceedings and even trust proceedings. How often have you reviewed the debtor’s schedules prior to your first meeting of creditors and noticed that the debtor claims an interest in a trust, but quickly highlights that it is protected by a spendthrift provision? Do you take it at face value? How deeply do you dig to determine whether an asset may exist and whether it is within your reach as a trustee?
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