Whether someone you care about has passed away after a lengthy battle with a terminal illness or died unexpectedly in a Colorado collision or other type of accident, it is never easy to mourn the loss of a loved one. Certain issues can add stress to an already difficult situation. For instance, if you’ve been named as a trustee in a person’s estate, trust administration issues may arise that are challenging to resolve.
Trust administration often includes these tasks
When you carry out duties as a trustee, you must fulfill all the required tasks associated with the position. The process typically begins with gathering and documenting all trust assets. You may also have to notify beneficiaries who have been given an inheritance through the trust by the estate owner.
Additional tasks that must be carried out
If the estate in question owes a debt, as the trustee, you must see to it that the debt is satisfied. Finally, you will distribute all assets in accordance with the trust. Handling all of these issues while mourning the loss of a loved one can be stressful. Still, mismanagement of trust funds or improper administration of a trust can lead to serious legal problems.
Rely on experienced support from the start
Taking on trust administration duties doesn’t mean that you have to act alone. To the contrary, the entire process may be less stressful if you know where to seek support from the start. An experienced probate and administration attorney is a great asset to have on hand as you fulfill your responsibilities as a trustee. You can request a meeting with Duncan Legal, P.C., in Colorado, to discuss a specific estate.