Trust Lawyer Arlington Heights, IL

Trust Lawyer Arlington Heights, IL

The Obligations and Duties of a Trustee

When you are considering drafting a trust, you will need to name a trustee. This person should be responsible and honest which means it may take some thoughtful consideration before your proceed to name someone. A trust lawyer in Arlington Heights, IL can help you to understand what you should look for. On the other hand, if you have been named as a trustee, and you have never held this position, it may be helpful to review the following. If you have further questions, you may choose to talk with an estate planning lawyer Arlington Heights, IL residents prefer.

What is a Trustee?

A trustee is a designated person, or in some cases, an entity who has been appointed to oversee and manage the assets held in a trust. A trustee will have a number of duties and obligations to the trust as well as any named beneficiaries. A trust will detail the exact duties of a trust; however, the following will likely apply. 

The Duties and Obligations of a Trustee

Prior to managing a trust, it is advisable for a trustee to review all of the terms and details laid out in the trust. Some may include:

The Duty to Remain Loyal to the Trust

The trustee has a duty to all of the beneficiaries of a trust. At all times they should remain loyal and adhere to the administrative details of the trust while keeping the interests of the beneficiaries in mind. Never can the interest of the trustee come first, nor should it conflict with the beneficiaries. A trustee must also not profit from their role; however, they are typically paid a fee. 

The Duty to Manage the Trust

As a trust lawyer in Arlington Heights, IL may tell you, a trustee should ensure they understand the trust and all of the assets contained within, as well as, the circumstances of the beneficiaries, possible liabilities, any claims or disputes, and the founding reason for the trust. Guided by this knowledge, a trustee may be able to develop a sound strategy to manage the trust. 

The Duty to “Act Personally” 

According to estate legislation, a trustee must “act personally”. As a trust lawyer in Arlington Heights, IL  might explain, this means that the trustee should personally be involved in any decisions regarding the trust. Unless stated within the trust, a trustee has the right to consult trust lawyers and advisors for any necessary help. However, even with legal advice, the final decision should be made by the trustee. 

In some situations, the trustee can delegate specific tasks to a third party, such as an Arlington Heights, Illinois trust lawyer or real estate lawyer. For example, if a trustee is selling property on behalf of the beneficiaries, a real estate lawyer might be consulted. In this case, a trustee would have the duty of overseeing the process. They would also be responsible for the actions of the third party.  

The Duty to Manage and Record All Actions

The trustee has a duty to maintain any accounts or records associated with the trust. They might also be able to ask another party, such as a trust lawyer or accountant to maintain this task. 

If you have questions about a trust, or the role of a trustee, please call a trust lawyer in Arlington Heights, IL from Bott & Associates, Ltd. today.