Trusts can be complicated due to the various assets and property a grantor can put into them. Not to mention, the number of beneficiaries that may be listed in a trust can be overwhelming. With so many assets and beneficiaries to take into account, it is no wonder it can be confusing as to what your duties are as a trustee of a trust. The role of a trustee overseeing a trust is one of great importance and responsibility. If you have any doubt as to what your duties are as a trustee, there may be consequences in store for you and the beneficiaries of the trust.
Your duties as a trustee involve a significant amount of loyalty in ensuring the stipulations of a trust put in place by the grantor are respected. A trustee is also responsible for accounting for, distributing, and taking care of the property and assets placed in a trust. When the time comes, a trustee’s role in the administration of a trust is significant. If you or a loved one is designated as a trustee for a trust and need help in administering the trust, contact an estate planning lawyer to see what they can do to help you do your duty as a trustee.
How Can I Be Impartial as a Trustee?
Oftentimes, when a trust has multiple beneficiaries, being impartial can be difficult. It’s important as a trustee to remember to distribute and manage assets properly. Even if beneficiaries are being difficult or untrustworthy, if the trust dictates certain beneficiaries are due certain assets, it is your duty as a trustee to fulfill those requests.
There may be some cases where you need to consider doing what is in the best interest of the trust and not disperse assets as stated. When a situation like this arises, it may be in your best interest to consult with an estate planning attorney to double-check your duty and assure you are within your rights to act in the best interest of the trust.
Am I Compensated as a Trustee?
Many trustees are compensated for overseeing a trust. Oftentimes, this compensation is negotiated by the grantor when the trust is set up. This compensation may vary from situation to situation but many grantors allow a percentage of the total assets of the trust to be paid to the trustee. Other times, flat fees or hourly fees may be negotiated.
Can a Lawyer Give Me Advice on How to Be an Effective Trustee?
The role of the trustee is as important as any in an estate. Having to oversee and manage a trust is a responsibility that should not be taken lightly. Israel & Gerity, PLLC can help you administer the trust you are responsible for to assure every beneficiary of your trust is taken care of.