Page 9 - Successor Trustee Handbook

Do be civil and courteous. As a Trustee, it is imperative that you do remain civil
and courteous at all times with the beneficiaries and professionals you may
work with (even when you may be emotional or under stress).

Do keep in mind that it is always better to act slowly and conservatively, rather
than quickly and perhaps too aggressively. Be sure not to make any quick or
impulsive decisions without fully considering the pros and cons of your actions.
Again, seek professional advice, if necessary for your peace of mind.

DON’TS:

Don’t immediately start cashing out assets, selling properties or reinvesting assets.
As Trustee, do not immediately cash out assets (particularly retirement plans, IRAs
and annuities), selling properties (particularly a business or real estate), or
reinvesting assets (such as cash or stocks, bonds, and mutual funds). The only
possible exception to this would be if it is absolutely necessary to raise immediate
cash for expenses or taxes, and even in the event you are required to do this, you
should consult with appropriate professional advisors before doing so.

Don’t let anyone pressure you to do something “now”. You should not let anyone
(other than your attorney, of course!) pressure you into acting immediately
following the Trustor’s disability or death. The first “hard” deadline when a Trustor
dies usually isn’t until nine months after the date of death, and even then, you
should take the time to properly consider actions before implementing them.

Don’t commingle Trust funds with your own or use Trust funds for your own
personal purposes or expenses. In addition, don’t advance monies from your own
personal accounts to pay Trust expenses; The only exception to this might be for a
brief period, following the decedent’s disability or death, if there are immediate
expenses to be paid, and bank accounts for the Trust have not yet been set up
and you cannot access existing ones.

Don’t make loans to anyone, particularly yourself, from Trust funds, without first
consulting with an attorney, considering the future need for liquid funds, and then
properly documenting these loans.

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