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Modern Estate Planning Blog

Elder Law & Special Needs Planning

Information to Give the Trustee of Your Estate | Sacramento Trust Lawyer

September 2, 2013

One of the jobs of a Sacramento trust lawyer is to help clients choose the person who will be responsible for a trust that has been set up. The trustee has several very important jobs, and things will go smoother if he or she is aware of these responsibilities up front. Here is some good information that should be shared with a trustee in order to administer the trust with as little difficulty as possible when the time comes.

One Reason “Trust” Is So Important in the Word “Trustee”

In order to ensure that the trust administration goes according to plan, the trustee should review the document that set it out in the first place. It makes sense to do this while the person creating the trust is still alive so that you can talk about the true intentions behind the trust. Both parties may choose to sit down with the Sacramento trust lawyer in order to talk through any confusing points. When it comes time to administer the trust, the trustee will have valuable insight on what was originally intended and how to bring those goals about.

Along those same lines, it is the trustee’s responsibility to make sure that he or she is acting in the best interests of the beneficiaries. If there is a question about how best to manage the assets, the attorney can be brought in for advice and to make sure that decisions being made are in line with California state and federal laws. For this reason, it’s imperative to choose a trustee who not only has good business sense but who is also extremely trustworthy. He or she should understand that the trust is not for personal gain and be able to withstand temptation to use the trust for his or her own benefit.

Keeping Track of the Trust

The trustee’s main focus should be to manage the assets of the trust in the most effective way possible. This may mean investing money in smart ways and also includes distributing funds to beneficiaries when appropriate. One of the easiest things the trustee can do to keep track of funds is to open a checking account for the trust. Any money that comes in or goes out of the trust can go through this checking account, creating an easy-to-see method for tracking income and expenses.

As an added safeguard, the trustee should provide an annual accounting of the trust to the beneficiaries. This allows them to understand how the trust is being managed. It may also be appropriate to provide this information to your Sacramento trust lawyer or other legal entity. Keeping in regular contact with the beneficiaries ensures that they are benefiting appropriately from the funds and also develops a relationship of trust between the parties involved.

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I was absolutely without a clue as to how to begin or what I should do to establish an estate plan. I did know that I wanted someone I could trust, that was honest and I would have confidence in. I was referred to Heather by my friend who was being legally advised by Heather on another estate. She was very satisfied with her work and thought I might be happy with her service. At our consultation appointment, her presentation was very thorough. I had lots of questions, and she was easy to talk to and was able to guide me to just the kind of estate plan I needed. That was 10 years ago. Due to circumstances in my life, I have had to make changes to my plan, and I always go back to her for her legal services and guidance. I have recommended Heather before.
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