Failure to Execute Trust Administration Duties -- There could be Consequences

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Setting up a Trust is a good way to avoid having to deal with Probate proceedings. The process of creating and then managing that Trust is called Trust Administration. Trust Administration is a process that ensures a bank or trustee meets legal obligations and follows instructions as instructed by the person who created the Trust. Trust Administration is far easier to carry out when the Trust originator is alive, and more difficult at their time of death.

Consequences in Failing to Render Trust Administration Duties

A Trust is a legal document backed by law and when a Trustee accepts the role, there are responsibilities that need to be fulfilled such as managing assets, investments, and other fiduciary duties. It’s possible, depending upon the laws and the state, for a Trustee to be held liable for breach of fiduciary duties for failing to render the acts required of the Trustee.

An Estate Planning Attorney can help

Estate Planning attorneys can assist Trustees with managing real estate assets, brokerage and bank accounts, filing tax returns, scrutinizing insurance policies, notifying beneficiaries, handling accounting issues, and much more. They can help you develop a Trust Administration checklist to make sure you’re fulfilling the responsibilities of the Trustee.

Trustee Responsibilities

The truth is you may not have the time, presence of mind, or knowledge to handle your stressful duties. If that’s the case, it’s certainly nothing to be ashamed of. The affairs of Estate Planning are complex and can be completely overwhelming. An experienced Estate Planning attorney can help you handle the Trust Administration duties you’ve been assigned.

Download your FREE report, “Trust Administration: Prior Planning Prevents Problems” and learn the essentials of:

  • Trust Administration stages
  • Your responsibilities as trustee
  • Liabilities you assume in taking on the role of trustee
  • The important terms and definitions of the Estate Planning process
  • And more

Download your FREE report today.

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