Trustees have certain duties and responsibilities under the terms of the trust. A trustee is responsible for, but not limited to the following:
- Identify and protect the assets in the trust
- Find out what the trust requires you to do – For example, when the distributions of assets are to be made, when to end the trust, etc.
- Keep up-to-date records, file tax returns and report to the beneficiaries as the trust requires.
An estate planning attorney can give you additional information on the duties of a Trustee. Remember, different trusts may have different guidelines and requirements. Protect yourself and your family by contacting a qualified attorney.
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If you find yourself thinking more and more about how to preserve your assets for your family you should speak with an experienced estate planning attorney as soon as possible. Contact us online or call our Dallas office directly at 214.559.7202.