You have been asked to serve as a trustee. What should you be thinking about?

Often trust creators (also referred to as grantor, trustor, or settlor) name a family member or close friend to serve as their trustee, successor trustee, or co-trustee.  While this designation may be an expression of their trust and faith in your abilities, the obligations are numerous and should not be taken lightly.  You must be prepared to understand your duties in detail, become knowledgeable about the trust and its purpose, and be willing to take an active involvement in the investment and administration of the trust and develop and maintain a relationship with the beneficiaries that is conducive to open communication.