Core Fiduciary Duties Under Kentucky Law
Loyalty, prudence, impartiality, and the duty to inform
Trustees must act for all beneficiaries, invest prudently, avoid conflicts, and keep people reasonably informed. That includes sharing key documents, explaining timelines, and honoring beneficiary rights even when opinions differ. Our team translates these standards into day-to-day checklists you can follow.
Day-to-Day Responsibilities That Keep You Compliant
From LEINs to titling, here's the real work
Expect to: obtain a trust tax ID, open a trust account, retitle assets, track income and expenses, pay valid debts, and coordinate with a CPA for tax filings. If real estate near Hurstbourne Parkway or Oldham County is involved, we'll line up valuations and handle deeds. A clean asset inventory and clear receipts make later distributions faster and less stressful.
Communication & Recordkeeping That Prevent Disputes
The accounting rhythm beneficiaries can rely on
Regular updates reduce surprises. We help you schedule quarterly summaries and an annual report showing receipts, disbursements, fees, and proposed distributions. Clear communication now minimizes the chance you'll face a formal challenge later.
Working With Co-Trustees And Successors
Shared decisions without stalemates
When multiple trustees serve, the trust may require unanimous or majority action. We'll outline decision rules, smart delegation, and how to document approvals so banks and title companies near Bowman Field accept signatures without delay.
Local Tip For Jefferson County
What to know about courts and deeds
Most trust work stays outside the probate court because the trust is private, but title updates and creditor issues sometimes overlap with estate matters. We'll flag anything that could require filings downtown and coordinate with your probate team if needed.
What Louisville Trustees Ask Us
Five detailed answers to common trustee questions
What am I personally liable for as trustee?
You're responsible for acting prudently, following the document, and keeping records. Liability usually arises from self-dealing, ignoring tax duties, or failing to communicate. We reduce risk with written procedures, conflict disclosures, and strong accounting.
Can I be paid for serving as trustee?
Yes. Reasonable fees are allowed and disclosed; corporate fee schedules and local norms help set expectations. We'll show how to record time and explain fees to beneficiaries to avoid friction.
What if a beneficiary demands information I don't have yet?
Acknowledge the request, give a timeline, and provide interim summaries. Kentucky law expects reasonable information flow; our templates keep you compliant while you finish valuations.
How do I handle selling the family home?
Confirm authority in the trust, obtain a market analysis or appraisal, maintain the property, and document offers. Proceeds go to the trust account, not personal accounts. We coordinate with local realtors and title companies to close cleanly.
What if I don't want to serve-or I need to step down?
Many trusts allow resignation with notice and appointment of a successor. We'll manage the handoff: records, bank authority, and pending tasks so the trust keeps moving without gaps.