Have you been asked to act as either an Estate Trustee or an Attorney granted by a Power of Attorney for Finance for a family member or friend?   Do you know what you need to do?

The first step is to determine the value of the individual’s assets.  The value will need to be determined either as of the date of death of the individual or as of the date that you started acting under a Power of Attorney.

You will want to treat your appointment as Estate Trustee or Attorney very seriously – as if you are running a business and everything you do will be scrutinized and inspected. It is your duty to manage all funds in a responsible manner that is in the best interest of the deceased’s beneficiaries or the incapable individual.

It is important to know that you are required to maintain accurate financial records for all that you do in your capacity as Estate Trustee or Attorney.   Anyone that may hold an interest in the Estate could ask you to provide an accounting for what you have done, including asking for any and all back-up information and records.

Our suggestion – keep copies of all invoices and transactions with the corresponding bank statements for each month.  This will allow for clear and concise entries when preparing the Estate Accounts so that all interested parties will understand why each transaction occurred and help avoid questions being asked about the transactions or of you.

If you have been appointed as an Estate Trustee or Attorney and have questions about your duties and responsibilities, we’re here to help. Contact our Estates team today at [email protected]

This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.

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