A trustee is responsible for managing assets of a trust and for making distributions based on the trust instructions and the wishes of the grantor. Circumstances arise though which may not be covered by the trust instructions and in those cases, a trustee must use his own judgment to decide whether to make a distribution.
A trustee has a fiduciary duty to not self-deal and to not do anything which may not be in the best interests of the trust beneficiaries. Given this great responsibility, a trustee must be someone the grantor trusts completely and who has the knowledge and ability to make financial and other important desicions. Choosing a trustee who has similar values or who has a solid understanding of the grantor’s values is also helpful when a trustee is forced to make decisions which fall outside the instructions of the trust.
Getting Legal Help
Experienced Elder Law Attorney Elga Goodman can help you understand your options for choosing a friend or a professional trustee. We can work with you to create a plan that meets your estate planning goals and protects your assets as well as your loved ones. Contact us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning