Should You Accept The Position Of Trustee?

Has a loved one asked you to act as a successor trustee for a Revocable Living Trust? If so, he or she must think very highly of you. A Trustee should always be someone who is smart, fair minded, organized and good with finances. Before you accept the position of Trustee it is essential to understand what your duties may include.

Lifetime Duties

During the life time of the Trust maker, if he or she remains healthy and mentally sound, you may not have any duties at all. If however, your loved one endures a mental or physical disability, you may have to step-up and handle the Living Trust early.

Your duties may include managing income, paying medical and living expenses, managing personal property and real estate, and handling and investing retirement and other financial accounts.

Post Death Duties

When the Trust maker passes away, you will become the successor trustee if you have not already done so for purpose of disability. Upon their passing you will use his or her Revocable Living Trust to settle all final affairs. Much of what you do may be similar to settling an estate with a Last Will and Testament as its Executor, except if the Trust is fully funded, your duties will occur outside of probate.

Your responsibilities may include: handling final arrangements, paying debts, paying estate and income taxes, collecting life insurance funds, transferring property to beneficiaries and setting up family or charitable trusts.

Beyond Your Duties

Ideally, your stint as a successor trustee will be easy, but this is not always the case. There may be high emotions at the death, especially if the Trust maker is a loved one. In either case, some family members may not agree on the decedents choices, and some may not always agree with decisions you make as Trustee. You may have to work with family members to settle disputes. This will likely be the most stressful part of your job as Trustee.

About the Author:

To learn more about trustee and protect you from the cost of long term care, please visit the website of the experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday today.

Article Originally Published On: http://www.articlesnatch.com

Tags: trustee

, estate planning

, estate taxes

, elder law

, trusts

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