A trustee is responsible for the management of a trust. This appointed person is legally responsible for the management of the assets within the trust, with the guiding idea being that their actions are in the best interests of the trust beneficiary.
Some examples of typical trustee responsibilities including managing investment funds or rental properties as well as paying income to the beneficiary as designed by the trust. Since many beneficiaries of a trust are new to the process, this can involve navigating new territory for the trustee and the trustee typically retains legal counsel for their own protection.
Trustees are responsible for keeping the beneficiaries of a trust in the loop about general asset management and various states have different requirements about what that means under the law. Since it’s often the case that a beneficiary is also a trustee, an attorney is recommended for reviewing the trust and representing the trustee in legal matters. READ MORE
A trust agreement should outline the full responsibilities of the trustee. The person must agree to become a trustee because the responsibilities typically associated with this post are numerous and involved. Therefore, someone cannot be forced into a trustee position.
Lawyers often play an important role in assisting a trustee, especially where they are retained to give counsel. As a trustee, you want guidance from someone who is knowledgeable about the general responsibilities of a trustee and also understands the unique requirements of the trust you administer. In addition to serving as counsel for a trustee, our firm is available to actually be the trustee for a trust. There are many scenarios where it is beneficial to have the expertise of an attorney. Meek Law Firm can help – Call (704) 848-6335 to schedule a consultation.
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