WebThe Trustee is also responsible for paying the ongoing expenses of administering the trust, such as legal fees or accounting fees. Then there are ongoing expenses like utilities, insurance premiums, mortgage payments, and homeowner or condominium association fees.

Oklahoma State Trust Laws After the Death of a Trustee

WebIn addition to these statutory duties, trustees must also be cognizant of these well-recognized duties and responsibilities: Duty to Administer Trust Expeditiously: What often times gets a trustee into trouble is a failure to act. Or, if the trustee does act, he or she only does so intermittently. WebMar 15, 2024 · The person making a revocable trust often acts as the trustee. This is in contrast to an irrevocable trust, where someone else must be appointed to this position. 1 A successor trustee waits in the wings to take over your revocable trust when you can no longer manage the trust yourself. Key Takeaways eagle institute of driving

What are the Duties of a Trustee? Stimmel Law

WebAug 12, 2024 · Trustee fees are allowed by state law and range from about 1% to 3% of the trust assets. They must be reasonable given the circumstances and thus 3% may be reasonable for a large and complicated estate requiring years of administration and 1% may be unreasonable for a simpler estate. WebThe duties of a Trustee may vary from state to state, but in general, a Trustee's duties include the following: 1. The Trustee has a duty to carry out the trust in accordance with … WebA revocable trust must be implemented as part of an overall estate plan. Ownership of assets must be coordinated between the individual and the trust. Decisions must be made as to what assets are appropriate to fund the trust, the transfers must then occur, and the asset allocation should be periodically reviewed. eagle instruments hurricane wv