Information for Trustees and Executors

Information for Trustees and Executors

Information for Trustees and Executors

Though serving as someone's trustee or the executor of a will can feel like an honor, and it is, it is also a big responsibility. People that take on these responsibilities need to fully understand that it is a serious responsibility, and it's important that it is done correctly.

When you serve as a trustee or the executor of someone's will, you will be given a great deal of financial power over their estate. With this power comes a fiduciary obligation to use it correctly and act in the best interest of the estate's beneficiaries. If you serve as a trustee or the executor of a will, you will put in a great deal of work, but receive little to no financial reward for that work. If you are not willing to do this, you may not be the right person for the job.

In most cases it may be wise to seek the services of an estate planning attorney to assist you in the settling of the estate or trust.

Handling this job efficiently can make it a much easier task.

Always use the will or the trust as a guide to help you with your job. Make sure that you completely understand the terms of the will or trust. If you have any questions, you will want to contact a lawyer to help get clarification on the terms of the will or trust.

Act in the best interest of the beneficiaries. What this means is that, not only will you have to act responsibly, you will be making decisions to prudently protect assets in the trust or estate. For example, you wouldn't want to let money sit idly in a checking account for a long period; rather, make investments so that the assets grow over time.

Never mix the finances of the trust with your own. You should never borrow money from the trust for any reason. On the same note, do not lend money to the trust. If you keep your finances separate, you can avoid a messy situation that may arise sometime in the future.

Always keep the trust's beneficiaries informed on the status of the trust. If everyone knows what is going on, you will have fewer problems with people being unhappy about how you are handling the responsibility.

If at any time you feel overwhelmed, don't hesitate to retain the services of a qualified estate planning attorney.

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