The passing of a loved one is challenging for everyone in the family. There are so many factors to consider, including the will of the deceased. Whether or not a will was left behind will influence what comes next, and in many scenarios, a trustee may be needed or appointed to help make sure that things go smoothly when there is no will or no executor named.
Before you panic, you can rest easy knowing that a trustee will be able to help manage and moderate on the behalf of your loved one. Trustees are trained and experienced to help manage situations where there is no executor, clear will instructions, or lack of a written will.
When tensions are high, it’s important to have someone who is impartial to mediate. The same goes for situations where there is no executor. It’s key that things stay fair and that the beneficiaries in question are treated and considered fairly. To learn more, here is a quick guide to understanding the role of a public trustee in NSW.
What Can a Public Trustee Do?
There are many things a public trustee can do, however, the main task of a trustee is to have a property transferred to their care and then to manages the property to benefit someone else, usually a beneficiary or beneficiaries. Trustees can be appointed in a will, but they are most commonly appointed or hired when there is no executor mentioned in the will or there is not one for a deceased family member.
Whatever is divisible will be handled by the legal trustee unless otherwise stated in a will or another legal document. Situations vary enormously depending on the circumstances, so you’ll need to take that into consideration. Here are a few of the tasks that trustees handle in the case of assets and the legal application of a will or in the absence of one.
- Identify and protect the trust assets
- Distribute trust assets fairly among the beneficiaries
- Determine what the trust instrument (the document that created the trust) requires them to do (if a will or any other document is involved)
- Communicate regularly with the trust beneficiaries
- Manage the assets long-term (or distribute them to the beneficiaries right away)
- End the trust when it’s time
Benefits of Having a Trustee
Whether you choose a trustee yourself or one is assigned to you, you will be thankful for their knowledge and service expertise. Here are some of the top benefits of having a trustee:
- Moderate Advice: First things first, trustees give moderate and honest advice. They have the experience and know-how required to make sure that everything is carried out in a professional way.
- Professional Services: Professional services will ensure that everything is completed as needed. Where a non-professional may not be able to help, a trustee will have the knowledge and experience to best aid you.
- Unbiased Work: Unbiased is the name of the game with a trustee.