If you are asked to be a trustee for someone in your life in Fort Myers, Florida, then you likely want to know what it is you are responsible for. There are quite a few responsibilities you will need to handle when you accept this role for someone close to you in life. We will take a look at the responsibilities of a trustee in today’s post so you know what to expect.
Agreeing to be a trustee requires you to follow all of the instructions outlined in the trust document. You cannot deviate from these instructions at all, even if the person who created the document said otherwise to you prior to his or her death or incapacitation. Keep in mind that you are protecting the assets of the person for his or her beneficiaries or for the grantor, if he or she is still alive.
The assets of the trust you operate cannot be mixed with your own assets. All of the checking accounts must be separate, including any and all investments. You are also not allowed to use assets from the trust for the benefit of yourself, unless it is expressly stated in the trust.
It is your job to keep accurate records regarding the trust, its assets and filing tax returns. You might also be required to report back to the beneficiaries of the trust if it tells you to do so.
Serving as someone’s trustee is very important. You will be required to handle quite a few things when the time comes in Fort Myers. Make sure you understand what is being asked of you so there are no surprises.