Legal Question in Wills and Trusts in Oregon
What are the legal & financial responsibilities of a trustee?
My parent has not filed any tax returns for over eight years, there is a revokable trust with one of the beneficaries named as the trustee. Upon the parent's death will that trustee be responsible for filing late tax returns for the estate and paying any back taxes and penalties due? Is this a duty of the trustee? Can trustees be removed if they fail to perform their duties? How can the other beneficaries hold the trustee accountable to have the estate pay back taxes?
1 Answer from Attorneys
Re: What are the legal & financial responsibilities of a trustee?
The short answer is yes. The trustee is responsible for settling the debts of the estate before benefitting from the estate. If you have any questions regarding the trustee's discharge of their duties most trusts include a review or accounting provision. The estate has to discharge its legitimate debts before any beneficiary is going to inherit anything. You should contact a local estate/trust practicioner who can review the case and provide you with more specific advice.
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