I frequently have potential clients contact my office and believe they need one question answered regarding the administration of a trust. More often than not, they are the most trusted child of parents who have passed away, and they are named as the successor trustee in a revocable living trust.
Most of the time, by the time a trustee contacts me, these well-intentioned adult children have failed to do what is legally required of them as trustee and believe that they only need their one question answered. If you are named as the Trustee of a loved one’s estate, you might at first think it an honor. However, once you understand the incredible responsibility that has been bestowed upon you, you may come to the conclusion that it is more of a burden and realize that it could turn into a substantial personal liability.
Serving as a trustee requires an incredible time commitment and understanding of laws that one has no idea exist. Your action and yes your inaction may trigger a lawsuit, which could result in you being held personally liable if you do not follow the law and terms of the trust and handle assets properly. Even if you do follow the terms of the trust to the letter, there are plenty of other laws that must be followed. Failure to retain the services of an experienced attorney when you are named as a trustee will inevitably result in you not meeting your responsibilities, many of which you don’t even know exist, and subjecting you to being named in a lawsuit for breach of fiduciary duty, which will include monetary damages, attorneys fees and costs.
If you want to talk about your family’s set of circumstances, just send a text to 619-800-6820. I will then send you a link to click on to schedule a time on my calendar. I speak with people on the phone at NO charge to explain how I can help.