From being named a trustee by a loved one who is drafting his or her trust to disagreements that come up during the probate process, there are a number of ways that trustees find themselves involved in an estate. After the trustor passes away, however, trustees play an especially important role. If you have been named a trustee, it is vital to be fully aware of your responsibilities. At the New York law offices of Joseph A. Ledwidge, we understand the concerns and stress that trustees may have, especially for those who are not very familiar with trusts or the probate process.
As a trustee, you may have various duties, such as taking care of the trust’s assets and distributing them among beneficiaries. However, there are other responsibilities you may have, such as filing taxes and trying to work through a disagreement with beneficiaries. Regardless of the unique circumstances you find yourself in as a trustee, successfully navigating the entire process and doing your best to avoid complications is paramount.
If you are drafting a trust, you should carefully think about who you should name as the trustee. Often, a couple that has been married for many years will name the other spouse as the trustee, although this does not always hold true. Regardless of your unique circumstances, it is crucial to take a carefuly approach with trusts and probate.