When a trust is properly created and funded, a trustee will be designated. It is important for trustees in Kansas City to have a good grasp on what their role is, specifically with regards to managing the trust. In fact, the trustee has a fiduciary relationship with the beneficiaries of the trust, meaning that he or she must carry out his or her duties in the beneficiaries’ best interests with regards to the assets in the trust.
After the creator of the trust passes away, the process known as trust administration will begin. Trustees may have many questions regarding their responsibilities, and in some cases beneficiaries may have questions about the management of the trust. It is important that all of the individuals involved in the trust seek the answers they need to ensure that their loved one’s wishes are carried out.
The attorneys at Stockton & Stern, LLC, have helped both trustees and beneficiaries understand the trust administration process. They have helped clients identify the key players in their specific trust administration cases, including who may be designated as a successor trustee. They have also helped clients file the appropriate tax forms, and carry out their duties regarding distributing trust assets and taking inventory. They closely examine the language of the trust to make sure the creator’s wishes are being seen through.
The following web page on trust administration may be a good starting point for those who need answers to their trust administration questions. Being appointed a trustee is an important role. By carefully following the directions of the trust and going through the trust administration process, one can see to it that the goals of the trust are met.