Co-Trustees have a serious responsibility to the life beneficiaries and to the trustee, Alabama Family Trust. Co-Trustees are responsible for:
- Requesting disbursements for the life beneficiary and providing Alabama Family Trust with the proper documentation for the disbursement request to be considered. Requests without proper documentation will not be considered for payment.
- Making certain any disbursement requests are submitted before the life beneficiary’s death. By law, Alabama Family Trust is not allowed to pay any expenses, no matter how reasonable or justifiable, after a life beneficiary passes away.
- If a disbursement request has not been approved or paid, it is the Co-Trustee’s responsibility to contact Alabama Family Trust to understand why the request has not been paid. Your disbursement request may not have been received and Alabama Family Trust cannot notify a co-trustee that we have not received a disbursement request when we do not know it is being sent.
- Making certain that disbursement requests are for the sole benefit of the life beneficiary. We will review the request to verify that the request is for the sole benefit of the life beneficiary. Co-Trustees are asked to refrain from submitting requests that are not for the sole benefit of the life beneficiary.
- Filing any individual federal and state income tax returns that may be required for the life beneficiary’s personal taxes. Alabama Family Trust prepares federal and state fiduciary tax returns for the trust, but not for a life beneficiary’s individual taxes.
- Notifying Alabama Family Trust of the death of a life beneficiary and providing a death certificate to AFT as soon as possible.