Learn the Dos and Don’ts of Being a Trustee in West Palm Beach, a How-To for “Newbies”

Has a family member named you as the trustee of the newly created  family trust? Are you wondering what yourfiduciary duties are? Experienced Palm Beach probate litigators know that often times getting the family trusts checkbook does not mean you got a “New Trustee Guide” along with it. Do you know the dos and don’ts of being a trustee in West Palm Beach?

Dos of Being a Trustee in West Palm Beach

• Do make sure to keep good records.
• Not only do good records keep finances secure, you may be a defendant in a lawsuit and want those records handy.
• Do read the trust charter.
• Just following the words of a settlor or beneficiary is dangerous.
• When you are in front of the West Palm Beach probate court they are going to ask you about the terms of the trust not what the beneficiary wanted.
• Do consult with the experts.
• If you are unsure just ask an experienced Palm Beach probate attorney.
• Did you know that reliance on advice of counsel may be a defense in a lawsuit?
• There are other experts you should consult with.
• For example do you have a trust accountant in West Palm Beach?

Don’t(s) of Being a Trustee in West Palm Beach

• Don’t co-mingle funds.
• Do you know what that means?
• Trust funds are not your funds so keep them separate.
• This is all part of keeping good books and records.
• Don’t self-deal.
• What does that mean?
• Do not expect to benefit from trust property as a trustee.
• Although you may benefit as a beneficiary you cannot borrow money from the trust or buy and sell assets to the trust.
• If you are unsure whether or not you are going to self-deal do not hesitate to talk to an expert.
• West Palm Beach probate litigators have seen it all and know when self-dealing may show its head.
• Don’t forget to prepare trust accounting documents and to follow the record keeping obligations of the trust.
• Don’t forget when in doubt, just talk to an expert in West Palm Beach.
• Do you know an experienced Palm Beach probate firm that helps trustees get it right?