Duties of Trustees
What is a trustee?
can be divided into two main categories: inter vivos trusts
, which are created and effective during one's lifetime, and testamentary trusts
. Testamentary trusts are created as part of your will and come into existence in the event of your death. Trusts involve a settlor creating a trust with their assets in the interests of the beneficiary. Although the beneficiary has access to the trust per its established directions, legal title is held by a trustee.
A Winnipeg estate planning lawyer
can assist in creating a trust that meets your needs and objectives as well as all legal requirements. A trustee may be either an individual or a trust company or both, and there may be multiple trustees. It is important to select trustees who are both trustworthy and competent. At Assiniboia Law Office, we can advise as to what factors should be considered when undertaking such an important action.
Estate Planning Attorney in Winnipeg
A trustee is responsible for a broad array of functions. These are all to be executed in alignment with the primary purpose of upholding the wishes of the deceased. Actions involved can require a trustee to:
- Take care of funeral arrangements and burial or cremation.
- Liaise with lawyers, accountants, real estate agents, appraisers, insurance and pension companies, creditors and the Canada Revenue Agency.
- Open and administer an estate bank account and monitor all assets and properties.
- See that all tax matters are concluded.
- Meet with family members and beneficiaries and distribute estate proceeds amongst them.
- Notify previous employers, relevant government agencies and various service providers of the decedent's death and address any necessary paperwork.
Due to the volume and complexity of matters involved, ample preparation best serves your interests as well as the interests of those you leave behind. We stand by to make this very involved matter simple and to serve you according to your personal needs.