Are you a Trustee or Successor Trustee? Do you expect to be one in the Future? When you take on the responsibilities of a trustee, it’s important that you know what you’re getting into. You don’t want to find yourself in a compromising position.
Remember this: someone appointed you to act as their trustee because they trust that you will always do the right thing. And for that reason, you don’t want to let them down.
What does it mean to be a Trustee?
As a Successor Trustee, you will step in to manage a person’s trust upon their incapacity or passing. Some of the many responsibilities associated with this include:
- Reviewing the terms and conditions of the trust to ensure that you understand your responsibilities.
- Managing all trust assets, including but not limited to bank accounts, retirement accounts, and real estate.
- Communicating with beneficiaries so that they understand your role and the process to follow.
- Distributing trust assets as outlined by the terms and conditions of the trust.
- Keeping records of all transactions to ensure accuracy and to protect against mistakes.
- Resolving conflicts, such as those between beneficiaries or family members.
While these are the most common responsibilities of a trustee, others are likely to come to light at some point.
As a trustee, you can potentially be held personally liable for any mistakes that you make. And that’s why you need to be sure that you’re ready to take on all the responsibilities of a trustee. It’s a good idea to contact an attorney when you become the trustee of any trust. An informed and experienced attorney can help guide you to make decisions which best serve the trust and its beneficiaries.
Contact our law firm to learn more about our trust management services. We’re available to answer your questions, provide guidance, and help you work through the many challenges of being a trustee.