Serving as a Trusted Helper: What Are Your Responsibilities?

Trusted helpers such as trustees and executors have a lot of responsibilities.  They also have the opportunity to serve and help their loved one in a special way.  Taking the time to help a loved one with his or her estate affairs can make you feel like you’ve made a difference in their life.

If you’ve been appointed as a trustee of a love one’s trust or an executor of a loved one’s will, you will need to handle all job duties with care.  Take a look at the information below for guidance on how to serve as a trusted helper.

What are your responsibilities as a trustee or executor?

  • Find, inventory, and protect all assets
  • Manage assets until you distribute them
  • Pay debts and bills
  • Pay estate/trust costs
  • File and pay taxes
  • Distribute assets to beneficiaries
  • Work with professional advisors such as an estate planning attorney, CPA, financial advisor, and insurance agent

Servings as trustee or executor can not only be a challenging responsibility, but it can also be a full-time job.  You should be prepared to fully commit to the job duties.

 The following tips will help you with your duties:

  • Keep accurate and detailed record of all activity
  • Stay organized throughout the entire process
  • Keep in regular contact with beneficiaries in order to update them on the process
  • Make sure that are all assets are properly managed and maintained
  • Get the help of professionals, if needed
  • Follow the instructions outlined in the trust document or will
  • Keep the trust or estate assets separate from your own assets
  • Never use trust or estate assets as your own, unless permitted in the document

 

If you have any questions about your duties as a trusted helper, consult with a qualified estate planning attorney.

Wilcox Attorneys, PA
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