- You are creating an estate plan and have an interest in implementing a trust.
- A loved one has recently passed and you need to learn more about trust administration.
Fortunately, there is plenty of information and guidance available. All you need to do is turn to the right place for help, as this will ensure that you answer all your questions and know what to expect next.
Note: begin your search online by reviewing this webpage. It is provided by the Wisconsin State Legislature, meaning you can trust the information to be accurate.
Follow these Tips
If you find yourself staffed with the responsibilities of a trustee, you know that there are things you should and should not be doing. If you don’t know which steps to take, as well as when to take them, you could make a mistake that causes more problems than you know what to do with.
Fortunately, there are some basic trust administration tips you can follow:
- Read the Trust
You are obligated to administer the trust as outlined by its terms and conditions. For this reason, you should read the document carefully to ensure that you understand exactly what it is saying.
If you don’t understand every last detail of the trust, you need to take a step back and wait to do anything else. Along with this, you may need to consult with an estate planning attorney.
For example, we provide a variety of trust administration services. Here’s what we have to say about this on our website:
“If your family has experienced the loss of a family member, our law firm can assist you with the legal process that occurs when a loved one passes away. Our law firm strongly believes that a wisely drafted, carefully executed estate plan is the critical component of a family’s wealth management. Our firm’s guiding principle is to provide families with quality Trust Administration and Probate services tailored to each client’s specific needs and goals.”
It’s easy to believe that you’ll understand the finer details of a trust, but things could take a turn once you dig in. At that point you may realize that there is more to it than you originally believed.
- Keep Accurate Records
As your role of trustee begins, you’ll be faced with the task of making many decisions. This often includes transactions that should be recorded in full and with great detail.
If you neglect to keep accurate accounting records, it could come back to haunt you. For example, a beneficiary may begin to believe that you aren’t paying yourself reasonable compensation, but instead taking more money than you deserve.
You can protect yourself and make things clear for every party involved by keeping accurate records.
- Keep it Neutral
This is something you need to remember. It is also something that can be hard to do.
Regardless of your situation or relationship with others, you need to remain neutral as a trustee. Even if you have the best intentions, you never want to make it look like you are taking sides. If you do, it’s sure to put another person in a difficult spot.
You don’t want somebody to think you are acting in an unfair manner. This is why you should remain neutral throughout the entire process.
These Wisconsin trust administration tips may not be earthshattering, but they are definitely worth keeping in mind as you move through the process.
There is a lot that goes into this, and you need to be comfortable with every step you are taking. Remember, it only takes one misstep to complicate the process and anger somebody.
If you have any questions about trust administration or estate planning in general, take the time to download our free report entitled “Fifteen Common Reasons To Do Estate Planning.”
Once you have this report in hand, you’ll better understand everything about estate planning. You’ll soon realize what you should and should not be doing. Furthermore, you’ll pick up some basic information and advice regarding trusts.
Our report is free, so you might as well take a second look!