Rehberg Law Group provides a full range of trust services including, acting as a Private Trustee and Personal Representative. Choosing who will serve as the Trustee of your Trust is an important decision that deserves careful consideration. The Trustee you select must have the skill, perspective and judgment, as well as the time, to adequately perform a wide range of duties. Since the Trustee is responsible for carrying out the terms of your Trust, you should have implicit faith in whomever you choose. You can appoint an individual or an institution to serve as Trustee. Some people choose a family member or friend, preferring a personal approach to the trust management process. While this may be appropriate for certain trust arrangements, it is not always the best choice. Family members may have little or no experience in acting as a fiduciary. The responsibilities can be daunting and a family member or friend may also be subject to emotions, conflicts of interest, and biases that may thwart your intentions.
• Keeping beneficiaries reasonably informed.
• Safekeeping of assets and investment management oversight.
• Notifications to beneficiaries and creditors.
• Periodic distribution of income or principal as authorized in the Trust document. Objectivity and fair judgment are needed in cases where the Trust document gives the Trustee broad discretion to provide for the beneficiaries.
• Maintaining records of all transactions, preparing periodic accountings of assets and disbursements,paying bills and performing other administrative functions.
• Preparation of federal and state trust income tax returns, generation-skipping transfer tax filings and beneficiary tax filing notices.
• Terminating the Trust and distributing the Trust assets as specified in the Trust document.