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There’s an old saying that the two best days in a boat owner’s life are the day they buy their boat and the day they sell it.
Forbes’ recent article entitled “How To Be An Effective Trustee” says that a similar notion applies to being a trustee – it’s an honor to be named and then a huge relief when it’s over. That’s because being a trustee is difficult.
Remember that a trust is a fiduciary relationship in which one party (the trustor) gives another party (the trustee) the right to hold title to property or assets for the benefit of a third party (the beneficiary). Trusts are created to provide legal protection for the trustor’s assets, to make certain those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes.
Being a trustee requires knowledge about a wide range of topics, including:
A trustee must also be able to productively communicate and work with the beneficiaries on their financial wellness and distribution needs, which is an area that can be full of conflict.
It’s a daunting list. Talk with an experienced estate planning attorney to discussion your situation in detail.
Reference: Forbes (May 31, 2022) “How To Be An Effective Trustee”
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