A trustee is someone who has been given the responsibility of the assets placed within a trust. Trustees are responsible for carrying out a number of duties that can induce recording expenses, distributing property to beneficiaries, and taking care of debt obligations upon the trustor’s passing. Our Florida trust administration team outlines everything you need to know about being a trustee below.
Understanding the Terms of Trust
One of the primary duties of a trustee is to make sure the assets held within a trust are properly safeguarded. To do this, trustees must have an in-depth understanding of the trust’s terms, who has been named as beneficiaries, and make sure they have access to all relevant documents to guarantee their accuracy.
Trustees are also required to provide a full account of the trust to its beneficiaries every year, which requires them to review each aspect of the trust.
Acting as a Fiduciary
A fiduciary is an individual holding a legal or ethical relationship with a certain party. As a trustee, the role of a fiduciary means protecting investments and making sure trust assets are distributed properly to beneficiaries.
Administer the Trust
When it comes time to distribute assets, trustees must administer the trust according to the trustor’s wishes and in the best interests of the beneficiaries. This includes completing the following tasks:
- Sending a notice to any beneficiaries or heirs
- Completing a full inventory of all trust assets
- Collecting any unclaimed benefits, filing tax returns, and paying off any debts on behalf of the decedent
- Distributing assets to the beneficiaries as instructed in the trust
Any action the trustee takes must be in the best interest of the beneficiaries, otherwise, they may be held liable for breaching their fiduciary duties.
Contact Our Estate Litigation Team Today
Trustees should always consult seasoned legal guidance before carrying out any of their responsibilities in order to avoid any complications and make sure they are not in breach of their fiduciary duties. At Adrian Philip Thomas, P.A., we have the experience you need to make the process as smooth and seamless as possible.
If you would like to learn more about how we can help you as a trustee, schedule a free consultation with our team today by contacting us through our website or give us a call at (800) 776-3103!