A high level of responsibility is placed on a person who undertakes the role of trustee of a trust and should not be taken lightly. Managing and distributing the trust following the incapacity or death of the settlor can be complex. The Michigan Trust Code imposes many duties upon a trustee. The trustee has a duty to administer the trust in good faith and in the interests of the beneficiaries. Sometimes simply determining who the beneficiaries are can invoke litigation. The trustee must also control and protect the trust property, maintain detailed records and account to the beneficiaries.
Additionally, the Michigan Trust Code sets forth a specific process for administering a trust. The trustee must marshall, protect and inventory the trust assets. Determining the value of some assets may require an appraisal. The trustee must administer the trust as a prudent person would and in accordance to the terms of the trust. The experienced attorneys at Great Lakes Family Probate & Estates are available to help interpret the trust and the manage the process through to distribution and tax returns.
The attorneys at Great Lakes Family Probate & Estates counsel trustees through all aspects of the administration process.