It is a shocking and devastating experience when a loved one passes away. Getting past the emotional trauma in and of itself is difficult. Unfortunately, at a time when we are so emotionally vulnerable, it may also necessary for us to be keenly aware of our legal responsibilities in serving as executor or trustee.
Do you know what the fiduciary duties of the trustee and the executor involve? Did you know that if you do not act “prudently” according to a “reasonable person” standard, that you can be held personally liable to beneficiaries for any losses they incur as a result of your breach? Did you know that you can have the best intentions to do the right thing as trustee or executor, but if you make an error you will be held personally responsible? Did you know that your house can be attached and your wages can be garnished in order to compensate the beneficiaries for your error?
Many individuals serving as executor and/or trustee do not fully recognize the seriousness of their fiduciary duties. When acting as a trustee or administrator, it is necessary that one has knowledge and skills in many areas, such as investment management and trust administration. Most individuals do not have the time or interest to spend the extensive amount of time that it will take to acquire these skills. The trust administration and/or estate processing cannot wait until you have acquired the requisite skills. These things require attention now.
Let us help you with your duties related to trust administration and probate administration.
We can provide you the advice you need and help you effectively serve as either executor and/or trustee at this difficult time.
Call us for your free consultation to see how we can support you in this time of need. Your visit with our elder law attorney in Belleville, Illinois, our elder law attorney in St. Louis, Missouri, or anywhere in the Metroeast, can help protect you and your family.