A trust, like a will, is a legal document that contains instructions regarding how a person’s property will be managed and distributed. Under a trust agreement, an individual’s property is held by a trustee to manage and distribute for the benefit of a third person, known as a beneficiary. A trustee may be named by the court or by the creator of the trust. As is the case with estate administration, many of those named as trustee are unaware of the procedures and responsibilities required to properly administer the trust. A trustee’s responsibilities generally include:
- Managing and investing trust assets
- Making proper distributions to beneficiaries
- Preparing trust accountings
- Paying appropriate taxes
- Terminating the trust according to the terms of the trust document
Handling these responsibilities may be stressful and time-consuming, and any mistakes may lead to personal liability. If you have been named the trustee of a trust, our trust attorneys can help you handle this burden or find a more suitable person or entity who can.
If you have been named a personal representative or administrator of an estate, or require assistance administrating a trust or paying an inheritance tax, call Keen Keen & Good at 610-383-7810 today. We offer free, no-obligation, consultations to determine what steps you can take to properly administer your loved one’s estate.