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What are the responsibilities of a trustee in Moorestown?

Being named the trustee of an estate in Moorestown may be an honor, but it comes with a lot of responsibilities. In essence, the trustee oversees the administration of the trust assets, ensuring that the terms of the trust are met and that the trust beneficiaries receive the appropriate funds.

Once the creator of the trust passes away, the trustee must let the deceased's family know that he or she is the trustee, as well as notifying any co-trustees. The trustee may also offer to help out with the funeral. The trust document itself may contain specific information with regards to this.

After that, a trustee may need to review the trust to go over its assets and the duties involved. A trustee typically should not sell or distribute any of the trust assets until such moves are confirmed. Later on, a list of the deceased's assets will need to be made, containing the precise value of the assets in the trust.

If there are any applicable death benefits, such as life insurance, these need to be gathered and placed in a bank account that bears interest. It may be necessary to make at least a partial distribution to a surviving spouse. But, no other distributions will typically be made until all expenses, including taxes, have been paid.

A trustee also needs to let the deceased's bank and brokerage firm know the deceased has passed away, as well as letting them know of his or her role as trustee. They may need a certified death certificate, among other documents. Trustees need to keep track of any final funeral costs or medical expenses, as well as keeping an account of any income or bills received. All bills and taxes must be paid. After that, a final accounting of all this information must be presented to the trust beneficiaries.

Finally, trust assets are to be distributed. Cash and titles will be transferred per the terms of the trust. After that, the trustee's duties are complete, unless certain assets are to remain in the trust for a period of time.

Source: EstatePlanning.com, "Understanding The Duties and Responsibilities of a Trustee," Accessed July 16, 2016

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