Wills, Estates and Trusts Law – What Are The Responsibilities Of A Trustee?
- A trust clause in a will is not a requirement however they are there to set up for the disposal of all or a part of your estate in a way works best for you.
- It’s not needed in every will but is a good idea, especially if you have younger children.
- These trusts, which are called testamentary trusts only take effect upon your death and is held in a trust for your beneficiaries.
- This is best when you have young children because you usually don’t want to give a large sum of money to a young child; therefore you appoint a responsible trustee who is in charge of making sure that your children or beneficiaries benefit from this money.
- A trustee owes fiduciary duty to the beneficiaries. They make sure that the money is being invested soundly and that at all times, the best interests of the beneficiaries are being served.
This short informational estate planning video was provided by Nicholas Mattia, an experienced Jackson Heights Estate Planning Lawyer.