Being named as the executor or trustee of an estate is a big job. There are many tasks and responsibilities to take care of. And on top of that, it’s hard to imagine being able to make these important financial and legal decisions while grieving. A lot of times, people have no idea where to start or what to do. Without basic knowledge of the trust and estate administration process, the whole experience can be overwhelming.
In this new episode of Absolute Trust Talk LIVE, Kirsten dives into some of the most common mistakes that trustees and executors typically make that can also have serious consequences. With a little education and extra guidance, these mistakes can be avoided. Listen in to learn more about how you can navigate the estate and trust administration process like a pro.
Big Three from Episode #044:
- It’s essential to understand your fiduciary duty event if you too are a beneficiary
- Record keeping is of utmost importance – you must be thorough and organized
- Being an executor or a trustee of an estate is a big and time-consuming job – you are responsible for an entire estate. It’s okay to ask for help and consult with your attorney.
Time-stamped Show Notes:
1:49 – These are the categories trustees, and executors usually find the most trouble with
2:12 – What does it mean to have a fiduciary duty?
3:11 – What happens if a trustee is also a beneficiary?
6:39 – Here’s why record keeping as a trustee or executor is important
9:47 – Trustees and executors are entitled to compensation too, make sure you do this
11:25 – As an executor or a trustee your job is to protect and preserve the estate, here’s how
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Resources/Tools/Links Mentioned in This Episode:
Navigate the Administration of a Family Member’s Trust with Ease
The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable.
Protect yourself, have a plan, and find out the next steps about your specific trust. Schedule a one-hour roadmapping session with Absolute Trust Counsel. We will review your trust, answer your questions and develop an action plan to get the job done right.