Are your parents getting older in age leaving you with a family trust? Are you wondering what the pros and cons of being a West Palm Beach trustee are? Check out these three things every Palm Beach trustee needs to know.
There Will Be Paperwork
- If you do not like paperwork then being a trustee may not be the right job for you.
- You are going to have to account for the trust property, and look after it.
- This requires good documentation.
- Failure to keep documents could bite you later in West Palm Beach probate court.
- That does not mean you cannot hire others to take care of the accounting for you.
- It is a defense in West Palm Beach to allege that you were relying on the advice of counsel.
Your Control is Limited
- It is always important to remember that you are holding things in trust for the beneficiary.
- Although a trustee has a lot of power two big things limit that power.
- First the trust documents are going to tell you how to administer the trust.
- The Trust Code that applies to all trusts in Florida also hems you in.
- Do not let the authority go to your head.
- Being a trustee is about protecting assets for the beneficiaries.
If Not You, Someone Else Will Have to do It
- If it is a family trust your relatives may want a member of the family to remain trustee.
- This begs the question if not you, then who?
- Are there other members of your family that are fit to serve?
- If you feel the answer is no then you may want to consider whether or not you have a duty to do this for the family.
- Keep in mind though there are always professional trustees that can do this work for you.
- That being said like anything there is a fee attached.
- If you are unsure whether or not your family trusts is large enough to warrant a professional trustee talk an experienced Palm Beach Probate Law Firm today for a consultation.