Trustees & Personal Representatives
Have you been named as a trustee or a personal representative for someone else?
We understand how you feel if you are here because a loved one has passed away. Please know we express our condolences if that is why you are at this page.
Trying to handle the technical details during a time of loss can be a challenge. We want to help you through this process and take as much off your hands when it comes to locating assets, paying bills and making sure your loved one’s assets go to the right people without court or conflict.
Acting as a trustee is a big responsibility.
Trustees are typically responsible for all of the following:
– Notification to all heirs and beneficiaries of the pending trust administration
– Identification and collection of assets
– Determination of values of assets
– Payment of all debts, expenses and taxes of the trust estate
– Preparation of regular accountings during trust administration
– Solicitation of professional advice as to the disposition of jointly held assets, life insurance, and retirement benefits that pass through or outside the trust
– Preparation of federal and state tax returns, as well as gift tax and generation-skipping transfer tax reporting
– Communication with beneficiaries throughout the trust administration process
We have seen many instances where the person named as trustee will have limited background or experience in carrying out the legal and financial duties that come with administering a trust.
That’s okay. As long as the trustee is aware the most careful course of action is to hire an attorney to help with trust administration, then the trustee can feel comfortable knowing the trust is being administered properly, all legal requirements are being satisfied and the trustee is minimizing or eliminating any personal liability related to the role of trustee to the extent possible.
Find the support you need to do the job right at TrustCounsel. We can help you get and stay organized, understand your responsibilities and fulfill your fiduciary duties.
Trustees & Personal Representatives
Have you been named as a trustee or a personal representative for someone else?
We understand how you feel if you are here because a loved one has passed away. Please know we express our condolences if that is why you are at this page.
Trying to handle the technical details during a time of loss can be a challenge. We want to help you through this process and take as much off your hands when it comes to locating assets, paying bills and making sure your loved one’s assets go to the right people without court or conflict.
Acting as a trustee is a big responsibility.
Trustees are typically responsible for all of the following:
– Notification to all heirs and beneficiaries of the pending trust administration
– Identification and collection of assets
– Determination of values of assets
– Payment of all debts, expenses and taxes of the trust estate
– Preparation of regular accountings during trust administration
– Solicitation of professional advice as to the disposition of jointly held assets, life insurance, and retirement benefits that pass through or outside the trust
– Preparation of federal and state tax returns, as well as gift tax and generation-skipping transfer tax reporting
– Communication with beneficiaries throughout the trust administration process
We have seen many instances where the person named as trustee will have limited background or experience in carrying out the legal and financial duties that come with administering a trust.
That’s okay. As long as the trustee is aware the most careful course of action is to hire an attorney to help with trust administration, then the trustee can feel comfortable knowing the trust is being administered properly, all legal requirements are being satisfied and the trustee is minimizing or eliminating any personal liability related to the role of trustee to the extent possible.
Find the support you need to do the job right at TrustCounsel. We can help you get and stay organized, understand your responsibilities and fulfill your fiduciary duties.
Why
Trust Counsel?
Why
Trust Counsel?