Would you know what to do if you were appointed trustee of a trust? The key word in trustee is “trust”, it is not only important to choose the best trustee but also to make sure the trustee knows his/her duties. The Oklahoma estate planning lawyers at Atkins and Markoff have experience in estate planning, wills, trusts, trustee duties and establishment of power of attorney, and can advise you on the proper decisions for establishing the rights of a trustee in your case.
DUTIES OF AN ESTATE TRUSTEE IN OKLAHOMA
In general, whenever one creates a trust, the trustee must identify, prudently manage, protect and distribute the assets of the trust. The trustee owns the trust assets and must manage them according to the trust provisions for the benefit of the trust beneficiaries. There are many duties of a trustee. Following is a list of the basic duties of a trustee.
Duty of Loyalty- The trustee must provide undivided loyalty to the beneficiaries, without taking advantage of the position for personal gain
Duty of Impartiality-the trustee must be fair and impartial to all beneficiaries, Unless the trust specifically authorized favoring some beneficiaries over others
Duty to Inform and Account-The trustee must reasonably apprise beneficiaries of the administration matters of the trust.
Duty to Marshall and Protect Trust Asset-The trustee must expediently obtain possession of the trust assets and manage such assets according to the trust terms.
Duty to Identify and Not to Commingle-The trustee must own trust assets in the name of the trust, not personally, and must clearly separate trust assets from the trustee’s personal assets.
Duty Not to Delegate -The trustee must own trust assets in the name of the trust, not personally, and must clearly separate trust assets from the trustee’s personal assets.
ESTATE AND TRUST PLANNING ATTORNEYS IN OKLAHOMA CITY
Trusts and wills are two methods of estate planning that can be advantageous for certain situations. If you are unsure of whether a trust would be the best strategy for your estate, you need to contact the Oklahoma law firm of Atkins & Markoff. Our attorneys have years of experience in helping people put together an estate plan that works best for their particular situation. For more information, please contact the Oklahoma City trustee attorneys at Atkins & Markoff.