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If you are administering a trust after the grantor passes away, you may feel overwhelmed by the responsibilities and tasks that you have to perform. Trust administration can be complex and time-consuming, and it is easy to make mistakes that can have severe consequences for you and the beneficiaries. In this blog post, I will share some tips on avoiding common errors in trust administration and help you fulfill your role as a trustee with confidence and competence.
The first thing you need to do as a trustee is to carefully review the trust agreement and the Colorado Uniform Trust Code. The trust agreement is the document that spells out the grantor's wishes, the terms of the trust, and your powers and duties as a trustee. The Colorado Uniform Trust Code is the state law that governs trusts and trustees in Colorado. You need to familiarize yourself with both sources of authority and follow them faithfully. If you have any questions or doubts about the trust agreement or the law, consult an experienced probate and trust attorney.
The second thing you need to do as a trustee is to ensure you understand the fiduciary duties you owe to the beneficiaries. A fiduciary duty is a legal obligation to act in the best interests of another person or entity. As a trustee, you have several fiduciary responsibilities, such as:
If you breach any of these fiduciary duties, you may be held personally liable for any damages or losses that result from your actions or inactions.
The third thing you need to do as a trustee is to avoid some common mistakes that trustees make. Here are some examples of such errors:
These are just some of the common mistakes that trustees make. Many other potential pitfalls can jeopardize your success as a trustee. That is why it is advisable to seek professional guidance from a qualified probate and trust attorney who can help you navigate the complexities of trust administration and avoid costly errors.
As an attorney in Colorado specializing in probate and trust administration, I have helped many clients like you fulfill their duties as trustees and achieve their goals as grantors. If you need assistance with any aspect of trust administration, please get in touch with me today for a free consultation. I look forward to hearing from you.
If you are administering a trust and think you might benefit from professional assistance, you can:
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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