Have you been appointed as a trustee? Do you understand the responsibility that goes along with this? You are faced with many tasks, including the proper management of the trust. Along with this, there are legal responsibilities you have to live up to.
As a trustee, you need to understand what is required of you. Along with this, there are high standards of duty, set forth by the law, which you never want to overlook.
In many ways, trust administration is simple. The assets must be documented, the beneficiaries should be notified without delay, and taxes should be paid in accordance with the law.
In an overall sense, your job is to follow the law and make sure that you manage the trust based on its creation. You want to carry out the wishes of the person who created the trust.
Due to the fact that trust administration can be complicated, many people shy away from agreeing to become a trustee. If you do find yourself acting as a trustee in Minnesota, there is no room for error. One mistake could anger many people, thus leading to a situation in which you have a bigger problem on your hands.
Do you have questions or concerns? Our attorneys know everything about the trust administration process. It doesn’t matter what is on your mind, let us be your guide. You can learn more on our website. You can also contact us online or via phone. In the end, the only thing we care about is making sure you are 100 percent confident in what you are doing.