The Successor Trustee of a Revocable Living Trust is the lifeline between the affairs of a decedent’s estate and the beneficiaries. If beneficiaries have no idea what is taking place with the estate settlement process, they might seem like they have no control and might start to protest the actions of the Trustee. As Trustee, you need to constantly keep the lines of interaction open.
It is a great concept to begin the procedure of proper interaction early. Show all recipients what assets are within the Trust and what actions you are considering taking with those possessions. Let them understand what duties and powers you have as Trustee, and provide them a general concept of the length of time you think it will be before the initial duties are finished and you can lose consciousness inheritances.
This initial conference or composed letter to Trust beneficiaries is necessary to show from the beginning that you are on their side and you do not plan to conceal information about the estate.
By law, you are needed to recommend Trust recipients of major actions, such as the sale of realty. You must do so through notifications to each beneficiary. You are not required to let recipients understand every action you take, however it is a great concept, to advise them prior to you take major actions or if you feel they might object to a choice you have made.
There is a great chance that among the group of recipients a couple of may question a choice that made you Trustee. There is also a chance you may basic stumbled upon a recipient who wishes to know whatever you do. This might appear irritating, however do what you can to calm the interest of these beneficiaries. By doing so, you will make your job easier in the long term.