Acting as a trustee is a serious responsibility. This role requires you to not only manage the assets of a trust in a way that is ethical and competent, but also to document every step you take carefully. One mistake could lead to serious consequences for the trust and for you.
The good news is that you have the right to seek support from an experienced attorney when managing a trust. At the Law Offices of Christopher R. Orr, we are proud to take on trustee representation and guide you through the challenges that come with this process.
Understanding the Role of a Trustee
A trustee is a fiduciary, meaning they must act with loyalty and care when handling the affairs of the trust. Their responsibilities may include collecting assets, managing investments, paying debts or taxes, distributing property to beneficiaries, and keeping accurate records. A legally binding agreement known as the trust document outlines the obligations of the trustee and determines who is set to benefit from the trust.
Many people named as trustees are family members or close friends who may not have experience managing legal or financial matters. Even professional trustees can encounter complex situations involving unclear trust language, beneficiary disputes, or investment challenges. That is where the support of our firm becomes essential.
Avoiding Liability
Trustees who act without proper guidance may unintentionally violate their fiduciary duties. Common mistakes include failing to provide notice to beneficiaries and making improper investments. Another major issue involves the commingling of trust and personal funds, along with the suggestion that you are self-dealing. Even seemingly minor mistakes could lead to personal liability or even your removal as trustee. When you work with our firm, you gain support with every aspect of managing the day-to-day activities of the trust.
Guidance Through Every Stage of Administration
Trustee representation involves far more than just answering your legal questions. Our role as your attorney is to guide you through the trust administration process from start to finish. Our firm is ready to stand by your side from the early stages of understanding your obligations to the point where it is time to distribute the assets to the beneficiaries.
Dealing with disputes and challenges is the most stressful part of serving as a trustee. It is not uncommon for beneficiaries to challenge the trustee’s decisions or even allege mismanagement. If you have been accused of breaching your fiduciary duty to the trust, you must seek out the support of skilled legal counsel right away. We work to resolve these issues efficiently and, when necessary, defend trustees in court proceedings. Our goal is to reduce conflict while protecting the trustee’s integrity and the trust’s purpose.
Rely on The Law Offices of Christopher R. Orr
Acting as a trustee is a big responsibility, and it comes with real risks. The best way to ensure you serve to the best of your ability and comply with the law is to hire an attorney to act as your guide. Reach out today to discuss trustee representation with our firm.