Being named a trustee is an honor, but it comes with a lot of responsibility. Legal work has to be done, and if you’re not familiar, the process can seem more like a burden. The tasks on hand aren’t necessarily rocket science, but there are a few things that we see clients tend to miss.
In a new episode of Absolute Trust Talk Live, Kirsten is joined by fellow Absolute Trust Counsel attorney Madison Gunn for another installment of Trustee Do’s and Don’ts. Kirsten and Madison will be walking through a handful of very serious mistakes that trustees and executors typically make, which can have consequences. These items include:
- Why surviving spouses still need to complete legal work even though they take over as trustee
- Official notifications that are often missed
- New laws that impact real estate inheritance
Whether you’ve just stepped into your role as trustee or are planning for the future, this is an important episode that everyone should listen to, so find a quiet spot because it’s time to press play.
Big Three from Episode #70:
- If you’re a surviving spouse – talk to your attorney as soon as you can.
- Don’t forget about official notifications! Did you know that even those who are disinherited have to be notified?
- If you’re a trustee who has missed something, don’t worry. This is a tough job, and things can be fixed.
Time-stamped Show Notes:
1:40 – If you’re a surviving spouse who is the trustee, legal work still needs to be done. Here’s what you need to know.
4:01 – Do you have a trust that splits into two when a spouse passes away? There are options for next steps to settle it the right way.
6:32 – Are you the trustee? Did you know that these official notifications need to happen? Press play to find out more.
14:52 – Madison and Kirsten discuss how Prop 19 has impacted real estate inheritance.
18:31 – What does a trustee do with belongings that no one wants?
21:37 – What happens when someone gets a trustee notification, and they do have an objection?
22:46 – Can trustees fix up a home before they sell to get higher sales costs?
Missed out on Trustee Do’s and Don’ts part one? Don’t worry; we’ve got you covered! Click here to listen in now for even more common mistakes and misconceptions regarding trust administration. >>
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