Whether it's an honor or a burden (or both), if you've been appointed to serve as trustee of a trust, here are 10 dos and don'ts to follow to make sure you don't trip over any hurdles:
- Do read the trust document. It sets out the ground rules under which you will operate. So you need to understand them completely.
- Do set up a checking account for the trust. All income and expenses should go through this account. While you can and should invest the money, a checking account will enable you to make and track distributions and payments.