Failing To Do The Job
A trustee has discretion over the trust assets. Everything the trustee does must be in the best interest of the beneficiaries not themselves or anyone else. They have a duty to give notice, file for returns, keep records, invest the assets, and to make distributions according to the trust and trust law.
Before you agree to be a trustee or even if you are already a trustee make sure you understand your role and understand its implications. If you agree to undertake this job you must be prepared for how time consuming it can be. You cannot be forced to act as a trustee. If you do not wish to act or cannot act it is usually a simple matter to identify the trustee. However, once you agree and start then you must be prepared to act. Failing to do the job is a recipe for disaster.
Consider having a consultation with a professional to make sure that you get off on the right foot or continue on the right path and follow the trustee rules from the beginning of the trust administration.
I hope these Ten Mistakes Pennsylvania Trustee's Make has helped you better understand your role and help you better administer the trust while limiting your personal liability. Trusts can be a valuable tool and a trustee's implementation can be critical to its success. Be a successful trustee and avoid these Ten Common Mistakes.
See all ten of our articles on How To Avoid The Most Common Mistakes Trustees Make:
David M. Frees III