Help Your Trustee and Beneficiaries Prepare

You may be wondering how to ensure that your plan will be administered in the way you desire when the time comes. If the successor trustee you have chosen is a family member or loved one, will that person be able to carry out the role of a fiduciary during a period of emotional stress or mourning? If you have chosen a professional trustee, will your trust be administered smoothly and in accordance with your wishes? Will your beneficiaries have access to trust assets for their care and maintenance during the administration of your trust?

Rest assured that your trustee and beneficiaries are not alone. We are well prepared to help the trustee you have chosen—whether a family member or a professional—to properly wind down your affairs, administer your trust, and ensure that your beneficiaries have what they need during the administration process. Trust administration—and the many tasks associated with it—can be an overwhelming process, but we will be here to guide your trustee along the way.

We can educate the trustee you have chosen about the fiduciary duties that will be owed to the beneficiaries of your trust and answer questions about how to carry out these obligations in practice. In general, a trustee has a fiduciary duty to administer the trust solely in the interest of the beneficiaries and to deal with them impartially. Additionally, the trustee cannot use any of the trust property for his or her own profit or for any purpose not expressly listed in the trust. The trustee also cannot enter into any transaction that would create a conflict of interest between the trustee and the trust or a trust beneficiary.

We can also provide advice and assistance to enable your trustee to competently complete the steps involved in administering your trust. Here are some of the most important steps:

This list may seem intimidating, but we are here to help guide your trustee through each step in the process. The future is full of uncertainties, but one thing you can be sure of is that we are here to help implement your wishes according to your intentions and can guide your trustee through all the steps involved in administering your trust.

 

Article on Trustee Accounting