The governing documents established at the creation of the trust determine what happens if the role of trustee is vacated for any reason. This includes the trustee’s decision to step out of the role, a legal conflict in which the court determines the trustee needs to step down, or the death of the trustee. If
Trustees in Maryland have specific responsibilities and duties when it comes to the administration of a trust. The Maryland Trust Act became effective in 2015. This law contains important provisions in relation to the rights of creditors to attach trust property, determining validity of a trust, the role of a trustee, and the trustee’s responsibility
Putting together a trust is a smart move from an estate planning perspective. But before you schedule a meeting with your Maryland trusts and estate lawyer, consider how the role of trustee affects the management of your assets. A trustee plays a key role in handling your trust distributions and possibly even working with beneficiaries.
Are you curious about a trustee's duties after the trust creator or grantor passes away? There are both practical and legal responsibilities associated with this important role that are triggered immediately after the grantor passes away. First of all, the trustee must review all of the deceased's important papers. Sometimes key details, such as funeral