If youve been appointed the settlement trustee of a loved ones trust, you will be required to handle trust administration duties after your loved one dies. Its important to make sure that you fully understand the process of trust administration, so that youre able to correctly handle your responsibilities. Take a look at the information below, to better understand trust administration. If you have any additional questions about the trust administration process, contact an estate planning attorney.
- As a trustee, you will be required to keep in contact with beneficiaries during the trust administration process. This includes notifying beneficiaries that they are included in the trust. Good communication is key.
- Its also important to always follow the guidelines that are outlined in the trust document. This will help you make wise decisions and handle in alignment with the trust instructions.
- During trust administration, a trustee must keep proper inventory of assets. This includes also properly managing assets so that theyre preserved and so that theyre distributed correctly.
- As a trustee, you must keep proper documentation that is organized and easy to read. This allows others to understand the actions youve taken during trust settlement.
- You must handle all financial and tax responsibilities. Its imperative that you keep good records and make smart financial decisions. If you ever need help, you should get the experience and advice of a professional.
- The trustee must always act in the best interest of the trust and its beneficiaries. This is especially important when making any decisions as a trustee.
Its imperative to fully understand your duties as a settlement trustee as well as the many aspects of trust administration. This will allow you to perform your duties with due care. If you have any questions about trust administration, consult with a qualified estate planning attorney.