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Minneapolis Estate Planning and Probate Lawyer Blog

Tuesday, March 15, 2016

Prepare Your Trustee to Manage Your Trust.

​Minnesota Estate Planning Attorney Advises You to Talk to Your Trustee About Your Trust.

One of the jobs of a Minnesota trust lawyer is to help clients choose the person who will be responsible for a trust that has been set up.  This trustee has several very important jobs, and things will go smoother if he or she is aware of these responsibilities up front.  Here is some good information that should be shared with a trustee in order to administer the trust with as little difficulty as possible when the time comes.

One Reason “Trust” Is So Important in the Word “Trustee”

In order to ensure that the trust administration goes according to plan, the first job for the trustee is to review the trust document.  It makes sense to do this while the person creating the trust is still alive so that you can talk about the true intentions behind the trust.  Both parties may choose to sit down with the Minnesota trust lawyer in order to talk through any confusing points.  When it comes time to administer the trust, the trustee will have valuable insight on what was originally intended and how to bring those goals about.

Along those same lines, it is the trustee’s responsibility to make sure that he or she is acting in the best interests of the beneficiaries.  If there is a question about how best to manage the assets, the attorney can be brought in for advice and to make sure that decisions being made are in line with Minnesota state and federal laws.  For this reason, it’s imperative to choose a trustee who not only has good business sense but who is also extremely trustworthy.  He or she should understand that the trust is not for personal gain and be able to withstand temptation to use the trust for his or her own benefit.

Keeping Track of the Trust

The trustee’s main focus should be to manage the assets of the trust in the most effective way possible.  This may mean investing money in smart ways and also includes distributing funds to beneficiaries when appropriate.  One of the easiest things the trustee can do to keep track of funds is to open a checking account for the trust.  Any money that comes in or goes out of the trust can go through this checking account, creating an easy-to-see method for tracking income and expenses.

As an added safeguard, the trustee should provide an annual accounting of the trust to the beneficiaries.  This allows them to understand how the trust is being managed.  It may also be appropriate to provide this information to your Minnesota trust lawyer or other legal entity. Keeping in regular contact with the beneficiaries ensures that they are benefiting appropriately from the funds and also develops a relationship of trust between the parties involved.

Many trusts also provide that the trustee may seek the assistance of a qualified professional: financial advisor, CPA, Attorney and the trust will pay for it. Please be sure your trustee is aware of this benefit so as to take advantage of getting proper assistance.

Minnesota Estate Planning Attorney

Contact Unique Estate Law today by calling (952) 955-7623 to set up an initial consultation to discuss your plan.


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From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park.



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