What are the dos and don’ts a trustee should know about?

Being named as a trustee is an honor, but it comes with a large responsibility. Being appointed trustee of a trust in Georgia can be a burden because a trustee will need to do many things, including:

  • DO locate all of the estate planning documents, including the trust, will, assets, and taxes.
  • DO read the trust carefully and all of the other estate documents to make sure you understand everything.
  • DO set up a checking account for the trust and make sure all payments, investments, and distributions go through the account.
  • DON’T mix your assets with the trust assets, and don’t lend yourself or anyone else money out of the trust assets.
  • DO create an annual account of trust activity, including all investments, and do file annual tax returns for the trust. 
  • DO seek professional help with investments and making sure you fulfill your obligations correctly.

In order to successfully carry your duties out, don’t fail to seek legal counsel. A Georgia estate planning attorney can help guide you through the process, make sure you know your fiduciary duty, explain the terms of the trust, and make sure you successfully fulfill your responsibilities with the help of a qualified law firm. 

For help with your trustee’s duties in Georgia, call the Shane Smith Law at (980) 246-2656 to speak with a skilled Peachtree City estate planning lawyer today. 

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