Trust Administration: 4 Mistakes to Avoid

If you have been called upon to serve as a trustee, you have a very important job.  The role of trustee is an essential component of successful trust administration.  The trustee is the person responsible for ensuring that the terms of the trust document are followed.  A trustee is ultimately responsible for managing the trust property and keeping accurate records of all transactions.  This is a great responsibility, so here are four common mistakes you need to avoid. #1: Failing to adhere to your fiduciary duty Trustees must always manage the trust and trust property with only the best interest of the beneficiaries in mind. Trustees are also subject to certain regulations, such as the Uniform Prudent Investor Act, a law designed to protect beneficiaries from improper investment choices. What this means for you, as a trustee, is that you can be held liable for investment losses or missed opportunities and profits that beneficiaries could have received if you had been more prudent
http://www.norcalplanners.com/blog/estate-planning/trust-administration-4-mistakes-to-avoid/

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