Are Trustees Liable for Paying Trust Debts?

Attorney Andrew Bethel discussed how trust debts are to be addressed and whether a trustee is liable for a trust's debts. Trustees do not have an obligation to pay trust debts personally, but where they choose to do so, they are entitled to a reimbursement for out-of-pocket expenses paid by the trustee. The same holds true for beneficiaries. There are other methods to create liquidity such as selling real estate held in trust. Ultimately, trustees have a duty of care and a duty to safeguard the trust assets meaning they don't have to personally bankroll a trust, but they must work to the benefit of the trust and the beneficiaries above their own interest.

00:00 - intro
00:27 - Who is Liable for Trust Debts?
00:59 - What if the Trustee Cannot Access Trust Money?
02:12 - What if the Trust’s Only Asset is Real Estate?
03:09 - The Trustee’s Duties

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Disclaimer
Viewing this video does not create the expectation of an Attorney-client relationship. The information from this video is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.