Many people find the duties and responsibilities which come with the death and incapacity of a loved one, to be really daunting.
In such a circumstance, if you are appointed as a trustee or executor, you will need to review the legal interests of the testator and beneficiaries. You will need to address the numerous legal issues which arise to safeguard the estate and its assets and liabilities.
At this time, taking specialized legal counsel can be helpful in navigating the challenging legal responsibilities and support in making the right decisions while minimizing risk.
Role and Responsibilities of a Trustee or Executor
Once a person is appointed as an Executor, they carry out the directions as mentioned in the will. Appointment of a trustee means that the Trustee takes care of the property in trust for the benefit of the trust beneficiaries.
In majority of the circumstances, people who have zero experience with administering an estate, are named as a trustee or executor. They may not be aware with the expected role, duties and obligations, risks and potential liability they could face, if they end up breaching their duties to beneficiaries.
When a trustee-trust relationship is established, a fiduciary duty gets automatically created between the trustee to the trust. It also happens when a executor-beneficiary is created. With this fiduciary relationship, there are very high standards created by the law.
The fiduciaries owe duty of care to the beneficiaries or trust and need to act with integrity always. They have to act in good faith and make decisions in the best legal interests of the trust and the beneficiaries. Any activity which seeks to breach the fiduciary duty can have substantial financial and legal implications.
It is advisable to seek support from experienced and knowledgeable Estate and Trust Litigation Lawyers who can help you to: