You have the best of intentions. As trustee, you want to make sure that the terms of the trust are honored and that the beneficiaries’ rights are protected. You want to do your job well. Your first step was to read through the trust. You understand the terms of the trust and what is expected of you. Next you need to locate all trust assets.
Why You Need To Locate All Trust Assets
Your next step should be to locate all trust assets. Locating all of the trust property serves three purposes:
- First, it protects you from liability. You have a fiduciary duty to administer the terms of the trust for the benefit of the beneficiaries. If you fail to do so then you may face legal consequences.
- Second, it protects the value of the property. There may be certain actions that need to be taken to protect the value of the property, but you may be unable to take these actions if you can’t find the property.
- Third, it helps things move along. Your goal is to administer the trust fairly and also quickly.
Yet, there are times when it is not easy to find the property or assets that you are seeking.
You May Need Help
You cannot properly administer a trust if you can’t locate all trust assets. If you find yourself with property named in the trust that you can’t find—then it is important to contact a trust and estate lawyer for help so that you can make the right decisions. Please contact us today if you find yourself in this situation.