Being chosen to act as a trustee is a vote of confidence in your ability, but it is also a big responsibility. Trustees must locate and protect trust assets, invest assets prudently, distribute assets to beneficiaries, keep track of income and expenditures, and file taxes. If you don?t perform your duties properly, you can be held personally liable for any losses or extra costs. The best way to avoid any potential problems is to hire an attorney to assist you. While it may be tempting to avoid the expense of an attorney, not having an attorney at all could cost you much more if errors are made. For more information, click here.
Tags: Estate Administration, Trustees, trusts
Source: http://blog.elderlawanswers.com/?p=574
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