In this segment of their ongoing video series, Ray Prather of Prather Ebner LLP discusses how to proceed as soon as you find out that you are the trustee of a trust.

It is no accident that the money or assets you are being entrusted to protect are called a “trust.” This is a major responsibility. Often people who are selected to be the trustee of a trust have little understanding of their responsibilities and wait too long before taking any appropriate action. This could be an expensive mistake. The primary responsibility of a trustee of a trust is to manage property and protect assets. Steps discussed in this video include information gathering and the duties described in the trust agreement, such as:

• Duty of Loyalty

• Duty of Care

• Duty of Impartiality