If you have been named a trustee, you may be facing numerous hurdles. On the one hand, you may be struggling with unbearable emotional pain due to the loss of a loved one. However, you may also be unsure of your responsibilities or how to handle some trust-related issues. At Joseph A. Ledwidge, we know how challenging this can be for trustees and entire families in Jamaica, and all across the state of New York. By recognizing and carefully managing your responsibilities, you may avoid certain complications.
As a trustee, you will have numerous fiduciary duties. You should be aware of these duties and make sure you handle them correctly. For example, you may be responsible for distributing assets among beneficiaries, valuing the trust’s assets and taking care of tax-related matters. Sometimes, these responsibilities can be difficult, such as instances where families disagree on the way that a trust’s assets are split up. However, it is crucial to uphold the wishes of the trustor and try to take steps to prevent or minimize any conflict.
If you are accused of breaching your fiduciary duties, such as going against the trustor’s wishes by failing to distribute assets appropriately, you may face numerous consequences, such as courtroom stress and financial penalties. As a result, it is critical to make sure you take care of your responsibilities properly and avoid a breach of your fiduciary duties.
On our trust administration page, you can browse over more material concerning fiduciary duties and other topics related to trusts.