People often consider who they want to inherit their estate when they die. Fewer people consider, in the event they create a trust, that they need to appoint someone to be in charge. The person in charge, called a Trustee, has a fiduciary duty to handle things properly on your behalf. There are a lot of tasks Trustees do, but ideally, you should appoint someone who is honest, understands finance, and gets along with the eventual heirs and beneficiaries.
First, the job of administering a trust puts the person in charge with a great deal of power. Oftentimes, people don’t know what is in a loved one’s trust. Thus, it is very important that the Trustee be reliably counted on to accurately tally and inventory all assets in the estate. They also may be responsible for handling ongoing expenses. It’s crucial they put your needs or your beneficiary’s needs, first. Appointing someone trustworthy is key to making sure your last wishes are handled exactly as you would have wanted them to be done.
The job of administering a trust has a key financial component. Assets may need to be liquidated. Bills need to be paid. They may be required to file annual tax returns. Appointing someone with familiarity with finance and forms makes it more likely your final affairs will be handled smoothly, accurately, and fairly.
The ultimate goal of your trust can vary greatly. They can be used to avoid probate, protect a special needs family member, for elder law planning, and more. The Trustee has to deal with the beneficiaries, and may even be one of the folks you want to eventually inherit. However, if they do not get along with everyone, their job can be thankless or impossible. When naming a Trustee you want to make sure that the relationships involved don’t ruin an estate before it begins.
If you have a family member or a friend who fits these criteria it’s important that you draft a trust ahead of time making sure they are in charge. If you have a difficult situation, then it may make sense to name your attorney or a local trust company to handle the job. Hiring Attorney Dennis M. Twigg or Damian L. Halstad to discuss this along with the rest of your estate plan is an investment in guaranteeing your final wishes are carried out. They provide expert advice to make sure you know all of your legal options in case you should have a serious health issue. They both have a wealth of experience in Carroll County courts and have helped folks throughout the area including Westminster, Eldersburg, Taneytown, Manchester, Sykesville and Mt. Airy. Dennis M. Twigg is also licensed in Pennsylvania and has many clients in York County and Adams County.
If you need help with your elder law or estate planning matters, get in touch today by calling (410) 848-4444, or to see what others have said about us, please read our reviews online.