What are the roles and responsibilities of the trustee of an estate?
What are the roles and responsibilities of the trustee of an estate?
The role of a trustee is to administer the assets of one person (the estate's beneficiary) in accordance with that beneficiary's wishes. An estate might include property, investments, or insurance proceeds. A trust is typically set up for a beneficiary who cannot manage his or her own affairs due to age, physical disability, or mental incapacity. The trustee is authorized to make financial and health-care decisions for the beneficiary. The trustee also pays the beneficiary's bills, keeps track of property and investments owned by the trust, reports annually to the beneficiaries on the trust's finances and condition, and distributes assets from the trust as directed.
The trustee must be legally capable of acting as an agent on behalf of another person.
For example, someone who is serving as a trustee because they were named as such in a will may not be able to act as trustee if he or she is incompetent or otherwise unable to do so. An attorney may be appointed trustee if there are concerns that individuals named as trustees aren't qualified or able to serve in this capacity. If a designated relative is unwilling to serve as a trustee, other family members may need to step in. If no suitable family members are available, then a professional fiduciary, such as an executor or administrator might be named.
Being a trustee of an estate is a big job. You are responsible for looking after the wishes of the deceased, managing their assets, and making sure that their final arrangements are carried out in accordance with their will.
If you have any questions or in need an Estate Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Parklin Law - Estate Planning
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
40.605070, -112.027530
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
