When you are nominated as a trustee by a loved one it could either be a great honor or a great headache depending on the size and value of the assets that need to be distributed. However, if you find yourself in the position of having to act as trustee, you have to get it done and not drag your feet despite worries you may have about what it may cost or how much time it will take. More importantly, if the trust has given interest to other parties it is your fiduciary duty to inform them of everything that is happening with the estate and the assets as soon as possible. If you do not properly manage the assets or administer them in a timely matter, those beneficiaries will come after you and can have you completely removed as trustee. Do you think that your deceased loved one would want for any of that to happen? Definitely not.
If you are having any problems with how go forward to perform your duties as a trustee I would highly recommend that you consult with skilled professional Estate Administration Attorney as soon as possible. The longer you wait to act, the more problems are going to arise.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.