If you are chosen to be a trustee, you have an important job. Not doing that job correctly can cause all sorts of issues, including tax-related headaches and lawsuits from beneficiaries. This is why trust creators need to consult with a Woodland Hills trust attorney when choosing their trustee and setting up the rest of their estate plan.
What is a Trustee and What Do They Do?
The trustee is there to act as a custodian for the assets held in a trust. They have to manage the finances of a trust and act in the best interest of it beneficiaries. In many cases, the person who created the trust will leave behind some instructions for the trustee to follow.
Administering a trust can take quite a bit of work. Trustees may be charged with:
- Investing assets and growing the trust
- Recording all expenses, income, and transactions
- Handling all tax-related matters for the trust
- Distributing assets to beneficiaries
- Keeping lines of communication open with beneficiaries
- Keeping all other relevant records
What Are the Qualifications to Be a Trustee?
Despite its responsibilities, there are no stringent requirements for becoming a trustee. If you are over the age of 18 and someone has faith that you can manage their trust for them, you can be appointed to the role. Many people appoint family members or friends to be their trustees unless they are worried about infighting or other problems that could arise between their beneficiaries. In cases like these, a trustor, the person who made the trust, can choose a professional like a lawyer to administer the trust instead.
Can I Appoint Myself to Be a Trustee?
People who make a living trust can make themselves the trustee, taking on all of the responsibilities outlined above. It’s just important to make sure that you have selected a successor trustee who can take over the job once you have passed away.
Can a Lawyer Help Me Set Up a Trust?
If you want to set up a trust of your own, a lawyer from our firm can help you do that. There are so many different kinds of trusts that you can use to protect your assets and distribute them in a way that you would prefer. There are living trusts, special needs trusts that can provide for family members in need, and even trusts that can funnel donations to charitable causes you support. We’ll help you find a setup that’s right for you.
Talk to an Attorney From Our Firm
When you are ready to set up an estate plan of your own, don’t go it alone. Our experienced attorneys can help you with trusts and every other part of your plan. So contact the Law Offices of Yacoba Ann Feldman and schedule a consultation with our team today.
