Episode 146 – Roles and Responsibilities in Trust and Estate Documents with Jenny Rozelle
What if you are named in a will or a trust?

In the world of estate planning, many people who are written into important roles don’t know they are mentioned in documents or what is expected of them. These roles can be a lot of work, thankless and carry significant liability.

What happens if you are part of someone’s estate plan? What If you are named in a will or trust?

JENNY ROZELLE helps us get a handle on the roles and responsibilities that are out there. Jenny is the founder and owner of the Indiana Estate and Elder Law. We talk about the role of executor, trustee and beneficiary and the pluses and minuses of each.

(More on being an individual trustee here: https://frazerrice.com/ep-75-marguerite-lorenz/)

Jenny’s Background
Terms
Executor 

-What does executing a will mean? How long does it take?
-What do executors have to do? Do I have to accept the role?
-What type of people are good with this?
-Are you paid? 
-Are there risks (can people sue me)?
-Whom do you hire to help with this? (lawyer, accountant valuation expert)

Trustee

-What does a trustee do? Administer/safeguard assets, invest assets, distribute assets
-What type of people are good with this?
-Are you paid? Are there risks (can people sue me)?
-Whom do you hire to help with this? (lawyer, accountant valuation expert)

Beneficiary

-If I’m a beneficiary, what should I ask from the trustee?
-What provisions should I focus on?  (Distributions (mandatory vs discretionary etc . . )
-When asking for something from the trust, what is a good process for that?
-Do I have recourse if I think things are being managed poorly?

Summary of other roles

-Successor Executor
-Successor Trustee
-Trust Protector

How do we find Jenny?

Firm: INDIANA ESTATE AND ELDER LAW

Twitter: JENNY ROZELLE (@jennyrozelle)

https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/