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Trustees in Bethesda

In Bethesda, a trustee is a person who was nominated by the settlor or the grantor of the trust to administer it. They are appointed to make sure the assets are managed appropriately, are distributed according to the provisions of the trust, and are dealth with in a way that prevents unnecessary losses. An experienced trusts and estates lawyer can help the trustee in administering the trust. This can help the trustee make sure they are taking all necessary steps.

The Role of a Trustee in Bethesda

The trustees are essentially acting on behalf of the trust. For example, if a person dies and their spouse decides to disclaim, the assets would then flow through the trust. Whoever are the trustees of that trust, typically the surviving spouse, would then act on behalf of the trust and manage assets and ensure that it is administered pursuant to the provisions. An attorney can help a person better understand the role of a trustee.

The Relationship Between a Trustee and an Advisor

Often, a trustee will consult a financial advisor to ensure they are managing the trust assets appropriately and not doing anything to intentionally or unintentionally create losses. A trustee could consult with an attorney to make sure the trust is being administered pursuant to its terms and could also consult with an adviser to ensure the financial assets are being protected.

Resigning from the Position

If a trustee wants to resign, they can typically do so in writing and then the successor trustee listed in the trust would be appointed and take their place. Problems could potentially arise if there was not a successor trustee nominated in the trust or if the last-acting successor trustee resigns. However, the process usually just involves resigning in writing.

There are some obvious situations where a trustee would need to be removed. The death of the current trustee would be one reason a new person must be appointed in the position. There are also scenarios where people can petition the court to have a trustee removed. If the court found that the trustee was managing the assets inappropriately or not following the provisions of the trust, then a person could be successful in having the court remove and appoint a new trustee.

Sometimes, trusts will include exculpatory provisions that basically hold the trustee essentially unaccountable for errors that have been made unless they are extremely reckless or neglectful. It is essentially a way to protect the trustee and not dissuade them from serving in that capacity if they cannot handle work and responsibility. An attorney can help determine the appropriate

Talk to an Attorney About Trustees in Bethesda

Trustees in Bethesda are appointed to administer a trust. This is an important job that requires appropriately handling the assets held in the trust. As such, it may be beneficial to consult an attorney about the role. A lawyer can be a guide throughout the process. To learn more about trustees, call today for a consultation.