Can I refuse the job of Trustees? Who can I ask to do it for me?
Who can I ask to do it for me? Who can do it for me?
Posted on 09:05h
by Phelps LaClair Law
Most often, being named the administrator of a Trust is not a surprise. The founder will normally get permission from their successor trustee before naming them as the administrator of the trust. In some cases, an individual may not be aware that they are listed as a trustee.
responsibilities involved
, while others don’t want to do the job. They ask, “Do I need to do this?” You can refuse the role of trustee if that’s what you want. Declining Administering a TrustA trustee who has not accepted the responsibility can
refuse to do the job
. The decision to accept or decline is based on a few key points. If you are sure that this is not a job you want, it’s best to decline as soon as possible. What happens if you decline? Are you required to accept the position of executor if no one else has been named in the estate plan? Who can act as Trustee if I refuse the job? You are not obligated to accept unless you’ve already begun the
- duties of administration
- . In this case, you will have to continue. It’s important not to start unless you’re confident you can finish the job.Depending on how the trust was drafted, it should also name a secondary trustee. If you decline to take on the role, the secondary trustee can take over. If no administrator was named and no one stepped forward, the court would appoint a new trustee. What if I accepted the position as trustee but changed my mind later? If you were named as trustee in the trust agreement and accepted this responsibility when the estate owner was still alive, you can still decline. Many people have accepted their duties as trustees without fully understanding the responsibilities that lie ahead. You can still say no if you find yourself in a similar situation. Remember to refrain from taking any administrative actions.
- Can I keep the title of trustee and still hire a professional administrator?
- Yes, as a trustee in Arizona, you can hire a professional (such as a financial advisor or an
attorney
) to assist with administering the trust and managing the responsibilities of a trustee. You should hire an estate planning attorney who is well-versed in both financial and legal issues.
However, if you hire an administrator to fulfill your role, it’s important to understand the following points:As trustee, you are still legally responsible for overseeing the administration of the trust and making sure the terms of the trust are followed.Although many duties can be delegated to a professional, your involvement is still required. You’ll still be required to supervise tasks and take decisions as needed.
Trust Management Services in Glendale Arizona
The thought of administering a Trust can be overwhelming. You may not know where to begin. Phelps LaClair has been helping Arizonans with estate planning and trust management for decades. We can help you if you want to transfer the responsibilities of a trustee to a qualified company. Our goal is to relieve you of all the stress. Stop worrying and get some clarity today by
giving us a call
–schedule a free consultation to find out how we can help.
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