In these current times, more people than ever may be giving thought to estate planning. After all, a person of any age can suffer a fatal illness. Moreover, even those of modest means may still have preferences about who should inherit their assets. Executing a will or trust is important, but it is not the only task those executing an estate plan in Florida should consider. One step if you have a trust is to select a personal trustee.
The duties of a personal trustee
While being selected as a personal trustee is an honor, it comes with some serious responsibilities. Personal trustees are responsible for investing trust funds, paying the deceased’s debts, filing the necessary tax returns and distributing trust assets to the trust beneficiaries. It is a process that many people are not familiar with.
Choosing a personal trustee
Your first thought in choosing a personal trustee is to turn to a respected friend or loved one. However, the average person generally does not have much experience with estate administration. This is significant, as a personal trustee can be personally liable if they do not meet their fiduciary responsibilities. For this reason, it may be worthwhile to consider appointing a professional trustee to your estate. This may especially prudent if you have a large or complex estate.
Learn more about trust administration
It is important to make an informed decision when selecting a personal trustee. This post is for informational purposes only and does not contain legal advice. Our firm’s website has further information on trust administration that readers may find useful.