A trustee has an important role to play. There are many types of trusts that our Rockland County lawyers can help you establish and they all have their own rules, but every kind of trust needs its trustee. We can help you learn more if you have been selected for this job or if you want to make yourself a trustee.
What is a Trustee?
Simply put, the trustee is there to manage the trust and its affairs. There are often beneficiaries of the trust, but they do not have total control over it. Instead, a trustee would decide when money can be distributed and what can be done with all of the assets included in the trust. Sometimes they are left with specific instructions, but in other cases they are left to their own devices.
What Can a Trustee Do?
A trustee has a few important responsibilities. They can:
- Record expenses and income for the trust
- Disperse funds to beneficiaries
- Invest assets and help them grow in value
- Answer questions posed by beneficiaries
- Filing taxes on any income the trust earns
You want to keep proper records when you have a trust. Otherwise, you can run into tax-related problems and other issues. There are no really strict rules about who you can choose as a trustee, but this shows that you really should be careful about who you pick for this position. You need someone honest, responsible, and organized. If you don’t think that anyone is suited to the role or that they’ll have time to handle their obligations, then a professional trustee like a lawyer could be a good choice.
Can I Be My Own Trustee?
You can put yourself in charge of your own trust. This can be a good way to protect certain assets. You can also take advantage of this setup to disperse assets to your heirs and loved ones before you pass away.
There’s just one important step to take if you go this route. You must remember to choose a “successor trustee.” As the name suggests, this is the person who will take over for you when you pass away.
Do I Need a Lawyer to Establish a Trust?
It can be much easier to establish a trust with the help of an attorney. We can advise you on what kind of trust will work best for your purposes. We can also answer any questions that you have and handle the rest of your estate planning needs. There’s no reason to deal with the hassle and paperwork on your own.
Contact Our Estate Planning Lawyers
When you are ready to make an estate plan and use tools like trusts, we can help. Contact the Lauterbach Law Firm and schedule an appointment with our team. We can tell you more about what our attorneys can do to make estate planning easy and stress-free.
