The Follower Trustee of a Revocable Living Trust is the lifeline between the affairs of a decedent’s estate and the beneficiaries. If recipients have no idea what is happening with the estate settlement process, they might feel like they have no control and may start to protest the actions of the Trustee. As Trustee, you need to constantly keep the lines of communication open.
It is an excellent idea to start the process of appropriate communication early. Show all recipients what assets are within the Trust and what actions you are considering taking with those possessions. Let them understand what obligations and powers you have as Trustee, and provide them a basic idea of how long you think it will be prior to the initial responsibilities are completed and you can lose consciousness inheritances.
This preliminary conference or written letter to Trust beneficiaries is essential to show from the beginning that you are on their side and you do not plan to hide info about the estate.
By law, you are required to encourage Trust recipients of major actions, such as the sale of realty. You need to do so through notifications to each recipient. You are not needed to let beneficiaries understand every single action you take, however it is a great idea, to advise them before you take significant actions or if you feel they may object to a choice you have actually made.
There is a great chance that among the group of beneficiaries one or 2 may question a decision that made you Trustee. There is also a chance you may basic discovered a recipient who needs to know whatever you do. This may appear annoying, however do what you can to calm the interest of these recipients. By doing so, you will make your job easier in the long term.