How to Be a Good Successor Trustee
If you are a successor trustee, you may feel like the weight of the world is on your shoulders. You need to carry out the assignment you have been entrusted with in a conscientious way. How can ensure that the beneficiaries of the trust receive what they deserve and are treated fairly? Here are a few tips.
- Hire an accountant – The trustor wouldn’t have chosen you for this job if you weren’t honest. However, if you are not an accountant, you could still make a mistake that costs the family money. Therefore, the smart thing to do is to use a small portion of the trust fund to hire someone to help out on the financial side.
- Just do your job – As a successor trustee, you really just have one job – carry out the wishes of the trustor. Stick to the instructions you have been provided. When in doubt, think about what the person who trusted you with this assignment would have wanted. This isn’t the time to go rogue.
- Be happy for the beneficiaries – Hopefully, the trustor left you something in compensation for your role. If not, or if the task becomes arduous and drawn out, don’t give in to envy. This can result in bad decisions.
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