Okay, it might not be quite that bad. But, if you have accepted or inherited the responsibility of “trustee” of a trust, you have very specific responsibilities. By definition, trustees are people “entrusted” with the ownership of assets that they must protect and distribute based on a trust contract document. Additionally, Utah law establishes specific duties that every trustee must fulfill. For example, a trustee must be impartial to the beneficiaries, must be loyal in complying with the trust document, and must not do anything that would improperly benefit himself. If the trustee does not diligently and competently protect the assets, distribute the assets as required, and fulfill his or her statutory duties, the trustee may have personal liability to the beneficiaries of the trust for any resulting loss. If you find yourself acting as trustee you must understand what the trust document and state law require of you. At Hastings Law we can help you understand, navigate, and successful fulfill your trusteeship responsibilities.
You’re a Trustee. . . good luck with that!
This entry was posted in Estate Planning. Bookmark the permalink.