by Michael Kling | May 13, 2020
Even if you have created a well-designed estate plan that achieves your goals, you may still wonder how to ensure your plan will be administered as you expect. If you have named a family member or loved one as your successor trustee, will that person be capable of carrying out their fiduciary responsibilities during a time of emotional distress and mourning? If you have chosen a professional trustee, how do you know your trust will be administered smoothly and according to your wishes? To get the most out of your trust, be sure to work with a qualified attorney who can assure you they are prepared to help your successor trustee wind down your affairs, administer your trust, and ensure your beneficiaries have what they need during the administration process.
The trustee you name will have fiduciary duties, owed to the trust beneficiaries, that must be upheld throughout the trust administration process. The trustee must administer the trust according to its terms and cannot use the trust for their own benefit. As well, the trustee must deal with all beneficiaries impartially.
These are some of the more important trust administration duties your trustee will have:
While this list may seem intimidating, a qualified attorney can help guide your trustee successfully through each step in the process.
If you have not recently reviewed your property and assets, trust funding, choices of trustees and beneficiaries, and the structure of your plan, we would encourage you to contact our office for a free consultation.
We would also invite you to download a free copy of our Successor Trustee Manual from our website at www.klinglawoffices.com. At Kling Law Offices, our goal is to help you plan well and then to help your successor trustee carry out those plans so you can have the peace of mind you deserve.