The Follower Trustee of a Revocable Living Trust is the lifeline in between the affairs of a decedent’s estate and the beneficiaries. If recipients have no idea what is occurring with the estate settlement procedure, they may feel like they have no control and might start to object the actions of the Trustee. As Trustee, you should always keep the lines of communication open.
It is an excellent idea to begin the process of appropriate interaction early. Show all beneficiaries what properties are within the Trust and what actions you are thinking about taking with those assets. Let them understand what responsibilities and powers you have as Trustee, and give them a general concept of how long you believe it will be before the preliminary responsibilities are ended up and you can lose consciousness inheritances.
This initial meeting or composed letter to Trust recipients is essential to show from the beginning that you are on their side and you do not plan to hide information about the estate.
By law, you are required to advise Trust recipients of major actions, such as the sale of property. You must do so through notices to each beneficiary. You are not required to let recipients understand every action you take, however it is an excellent idea, to encourage them prior to you take major actions or if you feel they might object to a choice you have made.
There is a great chance that among the group of recipients a couple of might question a decision that made you Trustee. There is also an opportunity you might simple stumbled upon a beneficiary who wishes to know everything you do. This might appear annoying, but do what you can to calm the interest of these beneficiaries. By doing so, you will make your job simpler in the long term.