Probate is the legal process by which a loved one’s assets are distributed to beneficiaries and heirs after death. It can be time consuming, requires court involvement, the filing of court documents and court fees.
The executor or personal representative has many duties and responsibilities while administering the estate, including identifying all the assets, filing an inventory and appraisal, filing an account, and distributing the assets to the beneficiaries.
When you are appointed as a Trustee in a Trust, you are required to undertake certain duties and responsibilities, including:
– Notifying the beneficiaries that the Trustor died and that you have been appointed the Trustee to administer the Trust.
– Preparing annual accounts to the beneficiaries
– Managing and investing the Trust assets as required under the Trust instrument.