Fiduciary Duty: What Trustees MUST Know

Elder Law Report

Taking on the role of trustee means stepping into a position of significant responsibility that comes with legal obligations many people don't fully understand. This enlightening discussion between attorneys Haley Matson and Jordan McIntyre breaks down the critical aspects of being a trustee and managing someone else's assets as a fiduciary.
The attorneys clearly explain that accepting a trustee position means you're legally bound to a set of duties including loyalty, impartiality, and prudent administration. They highlight the specific legal frameworks governing these responsibilities, pointing to Chapters 32C and 36 of North Carolina law where these duties are formally outlined. For anyone serving as a trustee, understanding these legal requirements isn't optional—it's essential to protect both the beneficiaries and yourself.
The conversation takes a practical turn when the attorneys identify the most common pitfalls they've observed in their practice. They emphasize the dangers of mixing personal and fiduciary funds, particularly when close family relationships are involved. Using trust assets for personal benefit, ignoring the explicit terms of trust documents, and failing to keep detailed records can all lead to serious legal consequences. Their advice is straightforward: document everything, communicate openly with beneficiaries, and seek professional guidance when needed. McIntyre Elder Law offers comprehensive support for trustees, from explaining document terms to handling accountings or even taking over administration duties when the responsibility becomes overwhelming. Whether you're a new trustee just learning your duties or an experienced one facing challenges, their team is available for consultation at offices in Shelby, Charlotte, and Hendersonville.
Ready to understand your trustee responsibilities better? Schedule a free consultation by calling 1-888-999-6600 or visiting the firm's website to explore their educational resources on fiduciary duties and trust management.

Chapters

1. Introduction to Trustee Responsibilities (00:00:00)

2. Fiduciary Duties and Legal Framework (00:02:14)

3. Common Pitfalls for Trustees (00:03:34)

4. Seeking Professional Help (00:04:39)