Trust Administration Requirements
A fiduciary, or a trustee, is the individual responsible for administrating a trust. After a trust is formed, the trustee is responsible for handling all aspects of a trust’s account. This means that a trustee has a number of important responsibilities, each of which can have legal implications. Sometimes in elder law cases, however, trustees are unsure what their responsibilities are and can get into legal trouble if they make a mistake. Fortunately, the attorneys of Peck Ritchey, LLC, can help Chicago trustees better understand what is required of them in trust administration.
Several Requirements for Trust Administration
A Chicago trustee has several very important responsibilities, and it’s important to fully understand each of them. The requirements for trustees include:
- Keeping the best interest of the grantor in mind
- Not allowing conflicts of interest
- Avoiding profit from position as trustee
- Understanding and managing a trust’s financial account
These responsibilities and requirements are essential for any Chicago trustee to know about. Should you have any questions or concerns about trust administration and your own role as a trustee, speak with an experienced lawyer in Chicago who may be able to help you avoid legal mistakes that could cost you money.
Contact an Elder Law Attorney in Chicago
If you or someone you know has questions about trust administration, discuss your situation with an elder law attorney to better understand your legal options. Call the Chicago legal team of Peck Ritchey, LLC, at (855) 328-5787 today, and learn more about how we can put our experience to work for you.