Trusteeships
Responsibilities of an Estate's TrusteeA trustee is a person appointed by another person to manage that person’s affairs upon death, disability, or resignation. The process is very important in that the trustee is responsible for: (1) investing assets to obtain a reasonable rate of return; as well as (2) making distributions to beneficiaries in accordance with the terms of the will and trust or in the trustee’s discretion taking into account, perhaps, the expressed intentions of the grantor/decedent. Serving the Elderly and Their Families throughout MassachusettsIf you have been designated as a trustee or if you plan to designate someone as the trustee of your estate, the attorneys at the Elder Law Centers in Boston, Massachusetts, can help you. A trustee is not entitled to a greater share of the estate, but is rather acting in a fiduciary capacity and must, at all times, act in the best interest of the estate. Self-dealing is prohibited and will be a cause for removal. It is common to have more than one trustee and recommended to have an odd number of trustees with decisions made by majority vote. If a decision is made to have family members serve, it is common to have the third party act as an independent voice, sometimes known as a “private consigliore.” This person should be a person experienced in the administration of estates, resolving disputes, and should have experience both as a mediator/litigator, tax, and probate attorney. For more information about services in this regard, please contact Leo J. Cushing at the Elder Law Centers. If you have questions about trusteeships and how a trustee is appointed, send us an e-mail or call (617) 523-1555 or toll free 1-866-353-7287. Free initial consultation. The Elder Law Centers is an affiliate of Cushing & Dolan, P.C., a Boston law firm known for sophisticated and personalized approaches to estate planning, business, and tax issues. Our lawyers devote their practices exclusively to helping elderly people and their families. |
