When you set up a living revocable trust, you’ll almost always be the original trustee. When you die, you’ll name a successor trustee. When your parents die, you may be named as their successor trustee. Nobody ever sits you down and explains the trustee liability you are taking on.
All trustees are bound by fiduciary duties. As the trustee of your own trust or as successor trustee of your parents’ trust, you are under strict obligation to protect the trust accounts ...Continue Reading →