Video: You Just Learned You Are a Trustee of a Trust, Now What, December 2018
In this segment of their ongoing video series, Ray Prather of Prather Ebner LLP discusses how to proceed as soon as you find out that you are the trustee of a trust.
It is no accident that the money or assets you are being entrusted to protect are called a “trust.” This is a major responsibility. Often people who are selected to be the trustee of a trust have little understanding of their responsibilities and wait too long before taking any appropriate action. This could be an expensive mistake. The primary responsibility of a trustee of a trust is to manage property and protect assets. Steps discussed in this video include information gathering and the duties described in the trust agreement, such as:
Duty of Loyalty
Duty of Care
Duty of Impartiality