Choose The Right Trustee

Estate Planning is a main focus of our Law Firm. We guide clients through their options, discuss tax issues, and put their unique wishes into good, solid, legal form.
When a death occurs, the “administration” begins. The appointed “Trustee” has many duties to perform to wind up the estate. The Trustee is often an adult child but can be any trusted individual. The Trustee is in charge of paying the bills and taxes, collecting the trust assets, and ultimately distributing the assets to the beneficiaries in the exact manner stated by the Trust. It can be very easy, or it can be quite complicated. Usually the difference between easy and complicated boils down to the type and number of assets, and family dynamics.
Many people don’t give much thought to choosing a Trustee, although they should. The person appointed must follow the rules. A Trustee cannot ignore the law, the instructions contained in the Trust, or the beneficiaries. Most importantly, the Trustee must be wise enough to know that it is important to retain ADVISORS, such as a CPA and Attorney, so there are not costly mistakes and potential liability.
Our Law Firm has helped countless Trustees over the years properly administer Trusts. It is wonderful when a Trustee follows the “rules”, and the administration goes smoothly. However, it is quite costly when the Trustee acts improperly without understanding the potentially severe consequences. Sometimes, mistakes once made cannot be fixed.
Spend some time and consider if your appointed Trustee is the best person for the job if you become incapacitated or die. If not, amending your Trust should be your top priority.
For an appointment, please contact the McNamara Law Firm at (661) 287-3260 or visit www.theMcNamaraLawFirm.com.