The 4-1-1 – Administering your First Trust
You just found out you’ve been named trustee of your nephew’s trust -- now what? Do you need to hire an attorney to assist you in determining what your obligations are as trustee? Should other professionals be involved? How do you comply with your duties and obligations? Can you be held liable for making a mistake? Do you have to accept the position? Will you get paid? What about reimbursement for expenses? Will accepting this appointment strain your relationship with your nephew?
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