Free Organization Tips for Trustees

Being a trustee can be a difficult job. You need to make sure that the terms of the trust are carried out for the beneficiaries and you need to comply with the legal requirements of trust administration. You have a great responsibly and the job can be difficult. However, there are two things that you can do soon after your job begins to make things easier.

Getting Organized

Being organized may help prevent a lot of headaches and a lot of extra work for you in the future. You will need to organize things specific to the trust, such as trust assets, and things general to the administration of the trust, such as filing deadlines.

Everyone has their own system of organization. Some people prefer written to-do lists and calendars while other people prefer to keep everything electronically. You can, for example:

  • Create a written or online calendar with all applicable due dates. Things such as court dates and tax deadlines should be included.
  • Set reminders on your phone or write them in your planner. This will help you prevent missing a deadline.
  • Create spreadsheets on your computer or by hand. Spreadsheets of assets and transactions can be useful going forward.
  • Keep copies of all relevant documents. Keep documents such as the death certificate and trust in one physical folder or scan them and keep them in one folder on your computer or cloud system.
  • Create a directory of everyone that is relevant to the trust. This includes beneficiaries, attorneys, financial advisors, banks, and courts. As with everything else, this can be maintained in written form or organized electronically.

You will save time and reduce the likelihood of making a mistake if you have all of the information together and ready to use.

Getting Help

Administering an estate is not as easy as collecting the documentation suggested above. While being organized will help you, you will still need to make important decisions. If you need help understanding your role or making those decisions then please start a live chat with us today.

 

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm