Responsibilities Of An Estate’s Trustee

A trustee is a person appointed by another person to manage that person’s affairs upon death, disability, or resignation. The process is very important in that the trustee is responsible for: (1) investing assets to obtain a reasonable rate of return; as well as (2) making distributions to beneficiaries in accordance with the terms of the will and trust or in the trustee’s discretion taking into account, perhaps, the expressed intentions of the grantor/decedent.

Serving Families Across The Generations

If you have been designated as a trustee or if you plan to designate someone as the trustee of your estate, the attorneys at the Elder Law Centers in Boston, Massachusetts, can help you.

A trustee is not entitled to a greater share of the estate, but is rather acting in a fiduciary capacity and must, at all times, act in the best interest of the estate. Self-dealing is prohibited and will be a cause for removal.

It is common to have more than one trustee and recommended to have an odd number of trustees with decisions made by majority vote.

If a decision is made to have family members serve, it is common to have the third party act as an independent voice, sometimes known as a “private consigliere.” This person should be a person experienced in the administration of estates, resolving disputes, and should have experience both as a mediator/litigator, tax, and probate attorney.

For more information about services in this regard, please contact Leo J. Cushing at the Elder Law Centers.

Cushing & Dolan Is Your Legal Resource

If you have questions about trusteeships and how a trustee is appointed or wish to speak with a lawyer, send us an e-mail or call 888-759-5109 or toll free 888-759-5109. Free initial consultation.