Oklahoma City estate planning attorneys provide assistance with the trust creation process, including the selection of an appropriate person to serve as a trustee. The trustee has many responsibilities and the decision of who should serve in this role is a big one that can impact how effectively trust assets are managed. The selection of the trustee is also important because of the key role the trustee will play in the trust administration process. 
Parman & Easterday will work with you in creating a trust to help you understand the formalities of the trust creation and the selection of the correct person to serve as trustee.
We can also provide assistance to individuals who have been chosen as a trustee and who need help fulfilling their roles in managing trust assets or in completing the trust administration process. To find out more, give us a call today.
Should You Agree To Be A Trustee?
When a living trust is created, the trust creator typically serves as the primary trustee and selects a successor trustee. When an irrevocable trust is created, often a third party is selected as the trustee.
When the trustee is named, that person is responsible for managing the assets held within the trust. This means if the primary trustee becomes incapacitated or passes away, the successor trustee must take responsibility for management of trust assets. The trustee charged with managing the assets held within the trust has a fiduciary duty, which is the highest legal duty a person can owe. The trustee must act responsibly and must not act in his own self-interest at the expense of the trust.
The management of trust assets can often be a complicated process, especially if there are substantial assets owned by the trust. Depending upon the type of assets the trust owns, some specialized knowledge may be required to successfully manage the assets to avoid losses. Before you agree to serve as a trustee, you should make sure you are confident about your ability to protect the trust assets and manage them in an appropriate manner.
When the trust creator passes away, the trustee will take charge of the trust administration process. This means not only managing the assets held within the trust, but also facilitating the process of transferring those assets to new owners in accordance with the wishes of the deceased. There are often tax obligations that the trust administrator must fulfill after the death of the trust creator, and this can require knowledge of IRS rules and regulations as well.
Although an experienced attorney can provide assistance to the trustee in managing the trust assets and fulfilling responsibilities during the trust administration process, it still takes time and effort to serve as a trustee. While you may be willing to do this to honor a loved one and help to protect that loved one’s assets, you should be aware of the level of responsibility involved in serving as a trustee before you agree to take on the job. It is a good idea to talk with an experienced attorney about what is involved in trust administration and managing trust assets before you make the decision that being a trustee is something you can handle.
Getting Help From Oklahoma City Estate Planning Attorneys
Oklahoma City estate planning attorneys at Parman & Easterday will work with you during the trust creation process so you can choose a person with whom you are confident will be competent in managing trust assets. We can explain how the trust administration process works so you select the right person to fulfill the role of trust administrator.
If you’ve been named as a trustee and are now in a position where you must manage trust assets on behalf of beneficiaries or go through the trust administration process, our legal team can assist you in fulfilling your duties and obligations under the law. To find out more about what is involved in serving as a trustee and overseeing trust administration, join us for a free seminar.
You can also give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to get personalized advice with your specific situation. Call today to get a knowledgeable advocate on your side.
Latest posts by Larry Parman, Attorney at Law (see all)
- Baby Boomers – It’s Time to Update Your Estate Plan - November 12, 2019
- Tips to Keep Your Parent from Becoming the Victim of Financial Exploitation - November 7, 2019
- How Do I Choose the Right Trustee for My Trust? - November 5, 2019
