Administering a trust is a private matter which does not require the supervision of a probate court. However, a trustee is charged with the same fiduciary duties as an executor or administrator of a person’s probate estate.
Trust administration and their responsibilities
These duties include a thorough knowledge of each trust provision and extend to the requirement of preparing a complete and accurate inventory of trust assets, with special notification to each of the beneficiaries of the trust. Therefore, it is important to consult with attorneys who understand the process and legal requirements of administering a trust estate.
The DiCello Law Firm Probate Division, a division of The DiCello Law Firm, can help you in making this decision has dedicated lawyers and staff who are experts in trust administration matters.
Who Can Be a Trustee?
Any competent person or business (such as a bank with a trust department) can be appointed a trustee of a trust. It is important to consider the honesty and integrity of the person (or entity) being appointed as trustee. Also, the selected person must possess the necessary knowledge, skills and ability to properly administer the trust. A trustee must be someone who is available to complete the tasks and duties throughout the administration of the trust.
What Are The Trustee’s Responsibilities?
A Trustee has a duty to follow the instructions contained in the trust regarding the collection, management and distribution of trust property. Additionally, a trustee must file appropriate tax returns, pay taxes and issue legal notices to the trust beneficiaries. A trustee, who does not properly administer a trust according to the terms of the trust, or contrary to law, may be held personally liable for any damages arising from the mismanagement of the trust.
The DiCello Law Firm Probate Division is Available To Be Your Trustee
The DiCello Law Firm Probate Division is here to help you administer your trust. We have the knowledge and expertise to help you fulfill your trustee obligations, or to be the trustee of your trust. Call us today at 440.953.8888 or 440-530-3605. The dedicated probate attorneys at The DiCello Law Firm Probate Division have the knowledge, resources and skills to help you simplify the administration of any estate.