No you do not I lose the right to make decisions if I hire an attorney. You are not hiring an attorney to take over the administration of the trust for you. Instead, you are hiring a lawyer to help you understand your job as trustee and to help you make the right decisions for the trust beneficiaries. In other words, you are hiring an advisor.
The Decisions Are Still Yours to Make
But if you hire a lawyer then you can be sure that you have:
- Considered all of your options. It is difficult to know what to do if you don’t know what your legal options are and how to implement them.
- Thought through all of the potential consequences of your actions. A lawyer can make sure that you have considered everything before you take any action.
- Acted with due diligence. This may provide you with protection if a beneficiary later questions your motives or your decisions and tries to take legal action against you.
Hiring a lawyer does not mean I lose the right to make decisions in the trust if you are a trustee. Find out what it does mean and whether it is something you should consider. Accordingly, the duty is yours unless you refuse to serve as trustee. However, there is no harm in having an advisor. Trusts can be complicated and you have a life to lead that is separate from your duties as trustee. Thus, working with a lawyer can protect you, the trust’s beneficiaries, and the person who created the trust—even if the administration of the trust is time consuming and confusing. Please watch our free videos and browse our free library for more information on your duties as a trustee.