The Successor Trustee of a Revocable Living Trust is the lifeline between the affairs of a decedent’s estate and the recipients. If beneficiaries have no idea what is occurring with the estate settlement process, they may feel like they have no control and may begin to protest the actions of the Trustee. As Trustee, you must constantly keep the lines of communication open.
It is a great concept to begin the procedure of appropriate interaction early. Share with all beneficiaries what assets are within the Trust and what actions you are considering taking with those properties. Let them know what obligations and powers you have as Trustee, and give them a general concept of how long you believe it will be prior to the preliminary responsibilities are completed and you can lose consciousness inheritances.
This preliminary meeting or composed letter to Trust beneficiaries is necessary to reveal from the start that you are on their side and you do not intend to hide info about the estate.
By law, you are required to encourage Trust recipients of major actions, such as the sale of real estate. You need to do so through notices to each beneficiary. You are not needed to let beneficiaries know every single action you take, but it is a good concept, to advise them prior to you take significant actions or if you feel they might object to a decision you have made.
There is a likelihood that among the group of recipients a couple of may question a choice that made you Trustee. There is also a possibility you may simple discovered a beneficiary who needs to know whatever you do. This may appear annoying, however do what you can to calm the interest of these beneficiaries. By doing so, you will make your job simpler in the long term.