Ending our blog series Your Colorado Trustee Duties: 6 Facts to Know, here, we’ll reveal some of the final points you may need to keep in mind if you’ve recently accepted the position of trustee in the state of Colorado.

Colorado Trustee Duties: Additional Important Facts

Fact 5 – Compensation may be given for Colorado trustee duties, and these duties can end for various reasons.

While these facts are insightful, for experienced help fulfilling your Colorado trustee duties, contact Gradisar, Trechter, Ripperger & Roth today.

While these facts are insightful, for experienced help fulfilling your Colorado trustee duties, contact Gradisar, Trechter, Ripperger & Roth today.

When you assume the position of being a trustee, you will clearly be agreeing to do a lot of work and putting aside your own interests for the term over which you will be administering the trust. For your efforts, you can be entitled to reasonable compensation, as well as for the reimbursement of any trust-related expenses that you have paid out of pocket. You may also have the authority and discretion to hire professionals – like accountants and attorneys – to help you fulfill your Colorado trustee duties.

Such income and expenses that come out of the assets of the trust, however, need to be specifically and accurately documented in order to avoid any potential allegations of misconduct or breach of fiduciary duties.

Additionally, as the term of your trusteeship continues, you will generally hold all of the responsibilities of that position – and, therefore, be obligated to fulfill all of your Colorado trustee duties – until:

  • You step down as the trustee. You should be aware that this is always an option for you. If you take this option, the court will appoint another person to step into this role.
  • A certain event, which was specified in the trust document, occurs. For instance, this “event” can be when someone turns 25 years old or gets married.
  • The assets of the trust have all been appropriately distributed.

Fact 6 – For experienced help carrying out Colorado trustee duties, contact us today.

There is clearly a lot of responsibility that comes with administering a trust and properly fulfilling Colorado trustee duties. Because you can be held personally liable for your mistakes in administering trusts – and because trusts can be very complicated to administer (depending the assets/property they hold, etc.), the most important fact to remember about Colorado trustee duties is that you can get experienced help carrying out these duties by retaining the trusted Pueblo and Trinidad estate planning lawyers at Gradisar, Trechter, Ripperger & Roth.

Our estate planning attorneys have extensive experience administering trusts, and they are ready to put this experience to work helping you.

Trinidad and Pueblo Estate Planning Attorneys at Gradisar, Trechter, Ripperger & Roth

If you need help administering a trust or resolving any estate planning issue, the Trinidad and Pueblo estate planning attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services.

To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.

Categories: Blog, Estate Planning, Trust Administration