When creating a trust managing family affairs, many of us designate a family member to serve as the trustee. A surviving spouse. The eldest child. In many cases, a family member does this job without compensation.
If you have agreed to serve as a trustee, you may not really know what you just agreed to do. You might even assume there is no legal risk in agreeing to serve as a trustee.
It’s not easy to find articles describing the job of a trustee that is not filled with legalese. This articled titled “A Novice Trustee Primer” does a great job of describing the responsibilities of a trustee and is is recommended reading if you have a trust, are thinking about setting up a trustee, or if you have agreed to serve as a trustee.
Basically, it says that you should make sure that the originals of all of your valuable papers are put somewhere safe and that a loved one knows where that safe place is. Otherwise, when you become incapacitated or after you die there may be a great deal of frustration and unnecessary work as your heir or estate representative tries to figure out what you’ve done and how to prove it.
Check out this article and also check out Die Smart for more information on what to do.