When you become a trustee, you are tasked with executing your fiduciary duty based on the terms of the trust. You are responsible for managing and holding the assets in question on behalf of the named beneficiaries, as well as handling them with ordinary care and good judgement.
As a trustee, you must act in accordance with the terms of the trust, as well as those provided in the Wisconsin Statutes. These powers include the ability to sell, lease, or mortgage property, as well as the power to vote on matters that pertain to any stock held in the trust.
What to Do After Becoming a Trustee
After you assume the role of trustee, there are a few things you must do immediately:
- Meet with your attorney to perform a review of the terms of the trust.
- Request that your attorney or accountant prepare a request for a federal identification number from the IRS.
- Open a savings or checking account with a bank, savings and loan association, or credit union whose deposits are federally insured.
- Separately record the amount of marital and/or individual property, the value of the grantor’s property, and the value of the grantor’s spouse’s property (if applicable).
- Connect with the grantor’s attorney and verify in writing whether the property being transferred to the trust should be characterized as marital or individual property.
- Open a safe deposit box and keep at least one signed original version of the trust agreement inside, as well as original copies of any amended versions.
There are many other things you must do if named as a trustee, and you will need the help of a skilled estate planning lawyer to help you navigate the complex ins and outs of executing your fiduciary duty.
Skilled Estate Planning Attorneys in Ozaukee County
At Kitzke & Canfield LLC, we are a highly skilled team of estate planning lawyers in Ozaukee County, and we can help you navigate the establishment of trusts and the execution of your duties as a trustee. We understand the complexities of wills, trusts, and all other aspects of estate planning, and we are prepared to help you make informed decisions throughout the process. If you require insight, representation, or wise legal counsel, we may be able to help.
Connect with a member of our team today by calling (262) 387-0706 or sending us a message.