The Follower Trustee of a Revocable Living Trust is the lifeline between the affairs of a decedent’s estate and the recipients. If beneficiaries have no idea what is occurring with the estate settlement process, they may seem like they have no control and might start to object the actions of the Trustee. As Trustee, you must always keep the lines of interaction open.
It is a great idea to start the procedure of proper communication early. Share with all beneficiaries what possessions are within the Trust and what actions you are considering taking with those properties. Let them understand what obligations and powers you have as Trustee, and provide a general concept of the length of time you believe it will be before the preliminary responsibilities are finished and you can pass out inheritances.
This initial conference or written letter to Trust recipients is essential to show from the beginning that you are on their side and you do not intend to conceal details about the estate.
By law, you are needed to encourage Trust beneficiaries of major actions, such as the sale of real estate. You should do so through notifications to each beneficiary. You are not required to let recipients understand every action you take, however it is an excellent idea, to encourage them prior to you take significant actions or if you feel they may object to a choice you have made.
There is a likelihood that among the group of recipients a couple of might question a choice that made you Trustee. There is also a chance you might easy discovered a beneficiary who would like to know whatever you do. This may seem annoying, but do what you can to appease the interest of these recipients. By doing so, you will make your job much easier in the long term.