August 06, 2018

Are You a Designated Trustee? Do You Need to Hire a Lawyer?



If you have been designated as the successor trustee of a trust, it is recommended that you meet with an attorney to find out what your duties are.  As a trustee, you have fiduciary duties, duties to account, you may need to file one or more tax returns, and some of these duties and obligations have deadlines.

You will also need to send a copy of the trust to beneficiaries.  But which ones?  All of them?  A lawyer can help you review your trust and find out who is entitled to get a copy of the trust.

You will need to pay expenses and liabilities of the trust as well, but what if there is not sufficient money or assets to pay everyone?  Once again, a lawyer can advise you on the best way to handle these difficult issues.

Finally, and as briefly mentioned herein above, you have a duty to account to the beneficiaries, and there is the potential for liability if you fail to do so.

In addition, Mendes Weed, LLP, can assist you with tax issues that arise while you are administering the trust.  Whether there are past owed taxes, or if you just need advice on whether there are estate or income tax issues, we are here to help.

At Mendes Weed, LLP, we understand being named as a successor trustee may be stressful, especially if you are serving as a successor trustee for a loved one who has just passed away.  We can assist you in administering the trust, meeting your obligations, and defending your actions in the event they are questioned by any of the beneficiaries.

If you have questions about your duties and obligations as trustee, please feel free to reach out to us today.  925-390-3222.

The tips and materials provided on this page are for informational purposes only, offered as public service. No information on this website should be considered legal advice or used as a substitute for legal advice. For legal advice, you should contact an attorney directly.