Fiduciary Duty of a Trustee

In this short, but informative video below, Jay Fleece of BaskinFleece, discusses the fiduciary duty of a Trustee and the pitfalls of being a Trustee if the inform and accounting duties are not properly reported. 

FYI – Trust administration is the process whereby assets and cash which were funded into a revocable or irrevocable trust during the decedent’s lifetime or “poured into the trust after his or her passing”, are marshaled/gathered and made ready for distribution to the beneficiaries named in the trust. Trust administration also requires the filing of a notice of trust with the probate court and is the process whereby creditors are paid, and after all state and federal tax returns are filed and all creditors and other administrative expenses are paid, the trustee makes a final distribution of the trust assets and cash.

For help or answers to will and estate related questions, you can contact BaskinFleece at 727.572.4545.

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