When a loved one passes away, the successor trustee distributes the assets according to the decedent’s last wish. During that time, emotions are high, and things can become contentious and potentially lead to a lawsuit. This can happen even if the trustee is doing everything right. Transparency is a way to reduce the stress for a trustee navigating the trust administration process.
Transparency is crucial and can be the lifeline for a trustee. It can help reduce stress so they can grieve the loss of their loved one. Transparency also helps save money and time while reducing the risk of liability. Here are a few ways a trustee can be transparent:
First, the trustee should define the beneficial interest under the trust so that the beneficiaries know what they are entitled to. Secondly, the trustee should provide detailed accounting to show what actions the trustee takes during the trust administration process. Lastly, the trustee should keep the beneficiaries informed during the administration process so that the beneficiaries don’t worry. When people are educated, they worry less and aren’t afraid of being in the dark.
These simple actions of being transparent during a difficult time make the distribution of assets more successful. It reduces stress and anxiety because most people are not educated about what steps a trustee must take. However, the more that they know, the less they worry.
If you know a successor trustee feeling overwhelmed, they should contact our trust and estate specialists here at Law & Stein. We can help take the burden off their shoulders, allowing them to focus on healing from losing their loved one.