Duties of Arizona Trustee – Part II
The duties of a trustee in Arizona are too numerous to include in one article. This is Part II of the post titled, “What are Your Duties as Trustee of a Trust in Arizona?”
Creditors’ Claims
When handling a trust administration, the trustee may want to consider providing notice to creditors as described in Arizona Revised Statutes § 14-3801. When providing notice according to this statute, creditors will have a clearly defined amount of time to submit a claim against the estate, or their claims will be forever barred. This protects the trustee and beneficiaries against creditors submitting claims later down the road.
Inventory and Appraisement
The trustee should create an inventory of all trust assets showing the value of each asset as of date of death. This may include getting appraisals of real property and other valuable personal property in the estate.
Duty to Inform and Report
Within sixty days after accepting appointment as trustee, the trustee must provide notice to the beneficiaries that he/she has accepted appointment as trustee and include the trustee’s name, address, and telephone number. The trustee has a duty to keep the beneficiaries informed about the trust administration, so if they have questions, the beneficiaries should be able to contact the trustee. Upon request, the trustee shall provide the beneficiary a copy of the portions of the trust that pertain to the beneficiary’s interests.
Accounting
The trustee has a duty to keep detailed records regarding all trust assets, including any receipts and disbursements. The trustee shall send an accounting to the beneficiaries at least annually and at the end of the trust administration. The trustee should never commingle his/her personal property or money with trust property. This means you need to have separate accounts for trust property.
More Duties of a Trustee
Although we’ve covered a number of trustee duties when administering a trust in Arizona, we won’t be able to cover them all. If you need assistance with a trust administration that won’t cost you a small fortune, contact Arizona Probate, LLC. See our Services page for our rates.
The information on this website is for informational purposes only and should not be construed as legal advice.
