Individuals often name family members or friends to serve as trustees of their trusts because close family friends or relatives tend to understand family dynamics and a beneficiaries’ needs better than a professional fiduciary. Even so, serving as trustee can be a difficult job. Fiduciaries are responsible for protecting, investing, and distributing trust assets to beneficiaries in accordance with the settlor’s instructions as set forth in the trust instrument, and more. Sometimes, carrying out your trustee duties require careful interpretation of the trust language. Meanwhile, a trustee’s performance is subject to state laws; violating fiduciary duties could be the basis for personal liability.
Administering a trust properly involves significant record-keeping and reporting duties, which demands time and careful attention. Despite best efforts, some trustees may become involved in a dispute with a beneficiary. These issues can often be avoided with proactive management. Fortunately, the Law Offices of Ron Feinman is here to advise and support you in your role as trustee. Should a dispute result in litigation, we will recommend outside counsel and assist you in finding resolution. Our goal is to assist you in carrying out your fiduciary duties competently and effectively. Contact us for knowledgeable, trustworthy advice through what is often unfamiliar territory.
Do you have questions about protecting your home and family or your long-term care? Let us guide you to the solutions you need.