A growing number of people are creating a trust, as opposed to a will, as they consider what's best for them from an estate planning perspective. While this is a great idea on many fronts, it's important to note that trust administration laws are extremely complex.
Have you been named a trustee? If so, this is a big responsibility. For this reason, you need to know exactly what's expected of you from beginning to end.
First things first, it's important to know which steps to take and how to avoid a situation that could complicate your life. Along with this, make note of what you've accomplished to date and what you need to do in the future.
Believe it or not, a trustee is exposed to liability in the event that he or she makes a mistake during the trust administration process. It's not uncommon for a trust dispute to end up in court, which can lead to high costs for all parties involved.
With all this in mind, it's time to consider the ways that you can minimize your risk. In addition to learning more about trust administration laws, take the time to consult with an experienced legal team.
At our law firm, we've been assisting people with trust administration for more than 30 years. We know how complicated this can be. We also know that things can and do change with respect to the law.
By taking the right steps from the start, you will find it much easier to avoid complications and potential liability at some point in the future.