A growing number of people are creating trusts, as opposed to relying on simple wills. While there are many benefits of moving in this direction, you need to answer this question: What will happen with your trust once you pass on?
This is when the trust administration process begins. If you are named a trustee, you have no time to waste. You need to know what this means, what is expected of you, and how to make the right decisions at every turn of the road.
Remember this: there are many laws and regulations in place when it comes to trust administration. If you mismanage a trust, such as by making a mistake in regards to accounting or tax filings, you could be held personally liable.
Adding to the above is the fact that disputes over trust administration can turn ugly in no time. For example, an heir who feels that he or she is not receiving what he or she should may file a dispute, thus slowing down the process.
At our law firm, we know the finer details of trust administration. This includes the steps that you need to take, the mistakes that you need to avoid and what to do if you are faced with a challenge.
Although there is a lot that goes into trust administration, with the right knowledge you can make decisions that allow you to move through the process in an efficient manner.
Taking on the role of trustee is never easy, but you have what it takes to succeed. Just make sure you know exactly what to expect.