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Trust administration is a lot for trustees to handle

Creating a trust as part of an estate plan is something that many Arkansas residents do. This planning tool can help in many ways, especially when it comes to protecting assets and better controlling the distribution of those assets. Of course, when the time comes for trust administration, the trustee will have a lot to handle.

The trustee is someone chosen by the grantor to manage the trust after the grantor is no longer able to, commonly after death. The trustee can be a trusted friend or family member or even a professional. The trustee can also be the same person who acts as the executor of the estate if the grantor created a will and had assets that need to go through probate. During administration, the trustee should follow the grantor's instructions in regard to distributing assets and otherwise managing the trust.

It is important for someone acting as a trustee to remember that this is not a job to take lightly. Any mistakes or lapses in handling duties could cause a number of problems, for which the trustee could be held personally and legally liable. For example, if a trustee does not follow a grantor's instructions or misappropriates trust assets, the trustee could be sued for damages.

Acting as a trustee is not for everyone. Even if a person is asked to take on the role, he or she can decline. In the event that Arkansas residents do take on the position, they will undoubtedly want to handle the job to the best of their abilities. Luckily, they can enlist the help of attorneys experienced in trust administration to ensure that the management duties are conducted properly.

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