What Are the Notice Requirements of a Trustee in Trust Administration?
Whether you are a family member who has been thrust into the position of being the trustee of your parents' trust(s) or an industry professional looking for guidance and assurance in the process of trust administration, our attorneys can help you cross every "t", dot every "i", notify all appropriate parties in a timely manner and shield yourself from personal liability.
As the trustee, you are legally obligated to make the following notifications in trust administration:
- Notify trust beneficiaries and heirs when the grantor (originator) of the trust dies and when there is any change in the method or rate of your compensation.
- Notify creditors when the grantor dies.
- Notify the county assessor when there is a change of ownership in the trust, if the trust contains real estate property
Notice of the grantor's death must be served to all parties who have, or may have, interest in the trust. If you fail to notify any such parties, you may be held liable for related legal actions and costs.
According to Michigan law, you have the duty to keep the trust beneficiaries reasonably informed through reports of trust property (including market value), liabilities, receipts and disbursements (at least annually and at the termination of the trust) and other documents, depending on each beneficiary's status and the composition of the trust's assets.
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At Willis Law, we serve individuals with little prior experience as trustees, people who have been the trustee or executor of a loved one's estate for years, and professionals who need help with complex legal matters involving trust administration.
We are here to help you, and we will do so with unwavering ethics and efficient, effective legal work. Please call us toll free at (888) 461-7744 or email us to schedule a meeting with one of our experienced lawyers at our offices in Kalamazoo, Grand Rapids or Paw Paw. We look forward to speaking with you.