ACCEPTANCE OF FIDUCAIRY POSITION AND INITIAL TASKS
To begin your work as a Trustee, you must understand the importance of following the Grantor’s wishes laid out in the Trust. Legal guidance is highly suggested, to ensure that the Trustee understands their duties and obligations as well as understand the terms of the Trust.
Once the Trustee is well versed with the Grantor’s wishes, you must safeguard the Trust assets for the benefit of the beneficiaries listed in the Trust. The Trustee must preserve and protect assets, complete payments of debts owed by the decedent, file a final income tax return for the decent (and possible a tax return for the estate) and to distribute the assets of the Trust estate to those persons legally entitled to the items. The Trustee will be locating items and other assets named in the Trust; by doing so, the Trustee will be able to keep track of items for later distribution.
To ensure the proper protection of assets, it may be essential for the Trustee to invest in an alarm system or even change the locks on the decedent’s home. Not only will a Trustee be dealing with tangible assets, but it is important to keep track and deal with any financial paperwork of the decedent.
In addition to obtaining and protecting the assets, the Trustee must provide a copy of the Trust to all beneficiaries. The Trustee may also be involved with the decedent’s employer/business, attorney, creditors, financial institutions and insurance companies.