What does a trustee have to do?

[JaneyP]

Hi,

I have now just been made trustee of an estate according to a will. The benificiary is the deceased's husband. That husband is already receiving all income generated from the deceased's assets. Do I as a trustee have to file anything or do anything? All of the assets are currently in the deceased's name. Can I just leave it like that? Do I need to consult a lawyer? I am concerned about my legal responsibilities, and am concerned about hurting the husband's feelings about "taking control and talking to a lawyer". The husband says I don't need to do anything, but I'm not so sure. Any advice is appreciated. Thank you.

 

[dmode101]

You are entitled to, and you need to, see an attorney ASAP. The attorney can walk you through exactly what you need to do. Don't worry about hurting the husband's feelings...you have a job to do and if you take the job and do it wrong, you can be held liable. If you are that uncomfortable and don't want to deal with it, then you shouldn't accept the position at all. Good luck.

 

[advisor10]

3-1-2002

DEAR JANEYP:

Consulting a trust attorney is a good idea, but if the trust fund is being held by a bank, you may want to ask the bank if you could get the assistance of a trust department employee (usually a professional accountant) to assist you with managing this money, which might be less than what an attorney would charge.

SINCERELY,

advisor

 

[JaneyP]

Thank you very much, this is what I needed to know. I will see a lawyer ASAP and get this taken care of.

JaneyP