Wiseman Bray PLLC is open for business.
While COVID-19 has caused us to change how we interact with each other, we continue to remain fully operational, providing full service to our clients.
All of our associate attorneys are working remotely full time and our staff is functioning on a rotating basis thereby limiting the number of people in the office to no more than 5.
Please call us today if you would like to schedule a telephone or videoconference.
Named as Trustee of a Trust, What Do I Do? | Wiseman Bray, PLLC

Law FAQ: I’ve been named as Trustee of a trust….what do I do now?

Law FAQ: I’ve been named as Trustee of a trust….what do I do now?

The most important thing to remember when you step in as trustee is that these are not your assets.  You are safeguarding them for others:  for the grantor (if living) and for the beneficiaries, who will receive them after the grantor dies.  As a trustee, you have certain responsibilities.  For example:

-You must follow the instructions in the trust document.

-You cannot mix trust assets with your own.  You must keep separate checking accounts and investments.

-You cannot use trust assets for your own benefit (unless the trust authorizes it).

-You must treat trust beneficiaries the same; you cannot favor one over another (unless the trust says you can).

-Trust assets must be invested in a prudent (conservative) manner, in a way that will result in reasonable growth with minimum risk.

-You are responsible for keeping accurate records, filing tax returns and reporting to the beneficiaries as the trust requires.

But you can have professionals help you, especially with the accounting and investing.  You will also probably need to consult with an attorney from time to time.  However, as trustee, you are ultimately responsible to the beneficiaries for prudent management of the trust assets.

Please contact us if you need assistance in serving in the role of a trustee or if you have any related question.

If you like this Blog post, click on the Facebook “Recommend” button below!

  • Add our blog address to your Google/RSS feeder.
  • Facebook: Click here & hit the “Like” button.
  • Twitter: Click here & hit the “Follow” button.
No Comments

Post a Comment