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For Trustees

FOR TRUSTEES OR PERSONAL REPRESENTATIVES

YOU ARE NOW A TRUSTEE OR A PERSONAL REPRESENTATIVE...

NOW WHAT?

I have had many people tell me that they had no idea what they were getting themselves into when they agreed to be the trustee of a trust or the personal representative of an estate. It is a lot of work, so do not volunteer to do this for free, or at least until after you have performed all the duties for which you will be responsible.

As soon as you find out you are assuming that role, it is very important that you do the following:

1. Contact the attorney that drafted the document that created the will or trust. Get instructions to meet all of your legal obligations.

2. Contact a CPA that has experience in estate and trust administration. In many cases this might not be the tax preparer of the grantor or decedent.

There are many things that you will need to do, but the attorney and CPA will advise you on these things. See them immediately!!!