New York Trustee
A New York Estate Lawyer will tell you that when you make a will, there are a lot of things to consider. The creator of the will, the testator, will be required to make decisions as to how their property will be handled after his/her death, as well as who will serve as the executor and the Will Trustee. The executor and the Will Trustee have different responsibilities, although the same person can serve both functions. If you are creating your Will and Trust or other Estate Planning document, it is important to contact a New York Estate Lawyer for advice. Estate Planning can be complex and the law is ever changing. Having an attorney prepared estate plan will ensure that your wishes are honored, and that your loved ones are taken care of after you pass away.
The duty of an executor is to manage the assets of the estate. The trustee on the other hand, will manage the assets of a Trust left to beneficiaries of the will. Trustees have the authority to make decisions regarding the distribution and management assets of the estate that are in the Trust.
Great care should be taken in selecting a Will Trustee, as they will have many important functions regarding the administration and distribution of the decedent’s estate. The will or Trust should also allow for the appointment of successor trustees in the event that the original trustee is unable to perform their function. The person(s) that you decide to appoint for this responsibility should be trustworthy, and while they do not need to be an expert in finance or accounting matters, they should be able to know how to seek out experts in these fields if needed.
In general, a Will Trustee will have the following responsibilities:
- They must be to be loyal to the beneficiaries of the Trust;
- They must exercise care in handling Trust matters;
- They have a duty to account to the Trust beneficiaries;
- They must be loyal to the Trust beneficiaries;
- They must administer the Trust in accordance with the Trust provisions.
If you are creating a Will and Trust, be sure that you seek out a competent New York Estate Lawyer for assistance. There are many formalities and legal details that need to be addressed in Estate Planning matters. Stephen Bilkis & Associates, PLLC will provide you assistance in with your Estate Planning issues, from a Power of Attorney to Estate Litigation. When you contact us, you will receive a free consultation. Call today to make your appointment at 800.696.9529. Manhattan, Brooklyn, Bronx, Queens, Staten Island to Long Island in both Nassau County and Suffolk County and Westchester County.