What are the duties of a trustee?Published On: Monday, January 08, 2018
The most important part of a trustee's role is its fiduciary responsibility. A trustee is legally and morally obligated to act solely for the benefit of the trust's beneficiaries and must manage the assets of the trust in a productive and responsible way. Following are some of the general duties required of a trustee:
- Manage the assets of the trust, which involves objectively evaluating and managing the trust investments to ensure that they are meeting the needs of the trust beneficiaries.
- Properly account for all trust transactions. The principal and income of a trust should be handled and accounted for separately (this includes both receipts and distributions from the trust).
- Follow all terms of the trust document to carry out the trust creator's wishes and administer the trust to comply with all federal and state law requirements, including timely tax filings and proper reporting to the beneficiaries or the court.
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