What are the Responsibilities of an Estate Trustee?
Your estate trustee is responsible for administering trusts, including inter vivos and testamentary trusts. This means that trustees’ responsibilities include administering the trust, executing the estate’s terms in a timely manner, and acting in accordance with the best interests of the beneficiaries.
Being a trustee is a significant amount of labour and may be overwhelming for some people, so it is essential to have a conversation with anyone you are considering appointing as trustee. Make sure that they know exactly what the expectations of the role are, and have a frank discussion about whether they feel comfortable taking it on or not.
Appointing a Close Friend or Family Member as Trustee
If you choose to, you can appoint a close friend, family member, or someone else you know personally as your trustee. It is important to select someone who you trust and who is organized, reliable, and confident in their ability to carry out the responsibilities of the role. Speak to the person you are considering appointing and let them know exactly what the role entails, and be sure they are up to the task.
Appointing a Lawyer as Trustee
You can also decide to appoint a lawyer as your trustee. Hiring a lawyer as your trustee can take a lot of stress off family members and leave you assured that everything will be taken care of professionally.
Our lawyers at Munro & Crawford have years of experience acting as trustees for our clients. We have the expertise and knowledge required to ensure that your trust is administered professionally and your beneficiaries’ best interests are always put first.