13 Aug Tip Tuesday
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While the Trustmaker is alive, the Trustee has a fiduciary duty to uphold the purpose of the trust and maintain the trust for the interest of the Trustmaker and future beneficiaries.
While the Trustmaker is incapacitated, key Trustees duties include: (1) overseeing the care of the Trustmaker, (2) looking after any minors or dependents of the Trustmaker, (3) putting together a team of advisors, (4) transacting necessary business and notifying banks and others, (5) keeping accurate records and accounting, and more.
When the Trustmaker passes away, key Trustee duties include: (1) contacting an attorney to review the trust and start the administration process, (2) keeping the beneficiaries informed, (3) determining current values of inventories and assets, (4) making partial distributions, (5) collecting benefits, keeping records, conducting final accounts, and filing final tax returns, (6) distributing assets to beneficiaries as directed by the trust, and more. #TrusteeResponsibilities #EstatePlanning #FiduciaryDuty #TrustAdministration 💼📜🔒
