Bingham Legal Group PC

Bingham legal group

Call: 248-952-8783
Email Us

3 things you should know about being a trustee

If one of your loved ones asks you to manage his or her trust, you may feel honored and thankful. Being a trustee is a major responsibility. Someone you love and appreciate chooses you to oversee and administer his or her precious assets and wealth. 

Even if you are financially adept and responsible, you may have some difficulty understanding all the duties of being a trustee. Here are some core guidelines for fulfilling your obligations as a trustee

1. Fully understand the document

A trust document is full of details, specifications and stipulations. It may be even more complex if any of these factors apply to your situation:

  • The estate is large
  • There are many beneficiaries
  • The trust has a specific purpose, such as caring for a relative with special needs

You will need to analyze the document many times over to ensure you grasp every last detail of it. 

2. Meet with other important parties

There may be other pertinent individuals involved with the trust, including the following:

  • Co-trustees
  • CPAs
  • Investment advisors
  • Lawyers

Identify these people and meet with them to ensure everyone is on the same page. 

3. Keep good records

Your core responsibility as a trustee is to manage money and assets in a manner that benefits the beneficiaries. Because of this, you must adhere to a high recordkeeping standard. Having good intentions and acting honestly is not enough if you cannot account for every action you take and dollar you spend. Make sure you have stringent documentation to support everything you do. 

Acting as a trustee can be stressful, especially if heirs question your decisions. You may encounter estate disputes and trust litigation as you try to fulfill your role. But being a trustee can also be a rewarding experience.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Plan For And Protect Your Future

For an appointment and consultation, call an attorney at 248-952-8783 or contact us online. Bingham Legal Group PC is a full-service estate planning and probate firm providing counsel and service to individuals and businesses in Bingham Farms, the greater metropolitan Detroit area and throughout Michigan.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Bingham legal group

30100 Telegraph Road, Suite 360
Bingham Farms, MI 48025

Phone: 248-952-8783
Fax: 248-642-3207
Bingham Farms Law Office Map