Trusts are a popular way to transfer property between parties. You may choose this method as a way to avoid the Probate process as well as gain tax benefits.
One major part of creating a Trust is nominating a Trustee. A Trustee temporarily holds property on behalf of the Trust until the time comes to Distribute the Assets to your Beneficiaries. During this time, the Trustee has a duty to only act in the interests of the Trusts and with good faith.
A Marietta Trust Administration lawyer at our firm can help provide guidance to your loved one concerning their role as your Trustee. Our knowledgeable attorneys at Nelson Elder Care Law can answer any questions you or your loved one may have about the process of administering a Trust.
A Trustee plays a key role in the administration of a Trust. In fact, a Trust cannot exist without a Trustee. Under the Official Code of Georgia Annotated § 53-12-200, any individual adult may serve in this role. Additionally, an organization, corporation, or other entity may be a Trustee if they have authorization from the State.
Trustees always have a duty under the law to act in the best interests of both you and your beneficiaries. According to O.C.G.A. § 53-12-240, this means acting in “good faith.” More specifically, Trustees have an obligation to:
Failures to properly serve as a Trustee can come with severe consequences. You or your beneficiaries can claim damages if you experience malfeasance. A Marietta attorney at our firm can provide more information about the role of Trustees in the administration of your Trust.
Clearly, the role of a Trustee in administering a Trust is vital. Without proper guidance, the entire purpose of your Trust could be jeopardized. However, it is understandable for your loved ones to be unsure of their exact duties if you name them as your Trustee.
Fortunately, our Trust Administration lawyers in Marietta can help. Our team at Nelson Elder Care Law can provide guidance concerning a Trustee’s obligations under the law, suggest ways to properly hold the assets, and help author the required reports.
In other situations, our attorneys can directly serve as a Trustee. Hiring an attorney to serve as a Trustee increases the chances of proper Trust management and helps to ensure proper communication and Asset Distribution.
The proper administration of a Trust is essential to serving that Trust’s purpose. It is so important that state law mandates that all Trustees act in good faith in order to achieve this purpose. Failures to do so may give rise to lawsuits that threaten both the Trust and the finances of Trustees.
A Marietta Trust administration lawyer can help you if you have received a nomination to serve as a Trustee. This could include explaining the laws that govern Trustee behavior as well as recommending steps to take to fulfill your obligations.
Contact our office today to learn more.
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