Blog

Posts Tagged ‘trustee’

When to Step Up Care for a Parent

Ann Robbeloth
September 25, 2014

There are many signs that a parent needs help. Financial indicators include overdue utility bills or disruption in utility services. Bounced checks or undeposited income checks laying around the house also show a lack of financial engagement that may indicate financial danger. Engagement in scams or lack of awareness around charitable giving can both show a decline in capacity and may mean your parent has already becomes a target of financial elder abuse.

Personal care indicators are most significantly marked by falls or other critical health events, but there are often earlier, more subtle signs that help with personal care i needed. A lack of unexpired, edible food in the refrigerator and cabinets will prevent proper nutrition, which leads to physical decline. While elders often eat less as they age, excuses such as I’m not hungry, I really only want canned food, etc. often indicate that food preparation is an issue. Hygiene changes may indicate unaddressed incontinence or difficulty bathing, laundering clothes and toileting.

What Does A Trustee Do?

Rachael Phillips
July 31, 2014

A trustee manages the assets that are held in a trust.  When an individual or married couple places their assets in a revocable living trust, they often name themselves the trustee or co-trustees.  In that case, they are able to continue managing their assets in basically the same way that they did before they put them into the trust.  They can still use their bank accounts to pay their bills and make purchases just like they did before.  They can maintain their home or make renovations to it if they wish.  They can invest their assets and manage those investments however they choose.  When you are the trustee of your own trust, not much really changes about the way that you deal with your assets.

When acting as trustee of someone else’s trust, a trustee manages trust assets according to the terms of the trust.  If the trust terms state that the trust is to be used for an individual or group of individuals, then it is the trustee’s job to invest and manage the trust assets prudently and to pay the expenses of the beneficiaries according to the trust terms.  The trustee may be required to account to the beneficiaries, unless this requirement is waived.  There are a number of fiduciary duties that a trustee assumes when taking on the role of trustee.  Consulting an attorney familiar with trust administration is a necessary step to ensure each trustee is aware of his or her fiduciary duties.  There are very few blanket statements that can be made about all trusts, since the duties of trustees and rights of beneficiaries vary according to the specific trust document and its terms.