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If a loved one recently passed away and in their estate planning documents they nominated you as a Trustee of their Trust, you have now been handed the proverbial keys to the kingdom of that person, in order to administer their estate per the decedent’s, the person that passed away, wishes. This can be seen as an honor, a burden, and certainly a responsibility. So, what do you do now? Below are just the basic steps that trustees usually have to take to administer their duty responsibly. Seek help from a professional attorney for any of the below steps to avoid severe complications down the line.
1. ACCEPT OR DECLINE. You should know is that as a Trustee you have certain duties and obligations to the Trust and if you are not willing or able to do these duties you are permitted to decline being the Trustee and nominate a substitute trustee to take over this responsibility. However, Trust administration is also not a mystical magic procedure, plus you can hire specialists using Trust funds to help you administer Trust assets. |