Your dear uncle recently called you to ask you to be the Trustee of his estate. Before you commit to this role, you and your uncle should have several conversations to fully discuss your responsibilities as his Trustee. Here is an idea of the information you will need to know:
- The location of important documents, his trust, will, power of attorney, birth record, military record, etc.?
- Financial information such as accounts, real estate, taxes, credit card information, and sources of income.
- The names, address, phone numbers of his attorney, accountant, financial advisor, banker, insurance agent, doctors, dentist, etc.
- Ongoing bills and where the information is kept. You will have to keep his bills current and pay them regularly as his Trustee.
- Contact information for his family and friends. For legal purposes they may have to be contacted at his death.
- What are his funeral wishes? Does he want to be buried or cremated, and what is to happen to his remains?
- Who will take over if you are unable to perform the duties of the Successor Trustee?
Reviewing this information with your uncle initially and on an annual basis will make the difficult job of taking over your uncle’s financial affairs and settling his estate much easier.