What Are a Trustee’s Responsibilities?
There are many duties that a Trustee is responsible for once the Grantor has established the trust and falls ill.
At Incapacity of Grantor, the Trustee Must:
- Oversee care of Incapacitated Grantor.
- Understand insurance benefits and limitations.
- Look after care of any minors and dependents of Grantor.
- Apply for disability benefits for Grantor.
- Put together team of advisors for Grantor.
- Notify bank and others for Grantor.
- Transact necessary business for Grantor or their Estate.
- Keep accurate records and accounting of the Grantor’s Estate.
At Death of Grantor, the Trustee Must:
- Contact an attorney to review the Trust and process any after death requirements and documents.
- Keep beneficiaries informed of Grantors Passing and Estate.
- Put together team of advisors for Grantor’s Estate.
- Inventory assets, determines current values of Grantor’s Estate.
- Make partial distributions if needed from the Estate.
- Collect benefits, keep records and file tax returns for the Estate.
- Pay bills, do final accounting for the Estate.
- Distribute assets to beneficiaries as trust directs.
If you would like a consultation to review your loved ones Will or Trust to ensure such that the requests of your loved ones are being fulfilled properly and ethically at their time of death. Contact us at Beyer, Pongratz & Rosen, a Professional Law Corporation, and bring the peace back into your life.