What are the duties of a trustee?

Published On: 01/08/2018

Duties of TrusteesThe 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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Post Author

Britt Stouffer

Britt L. Stouffer is a Maryland attorney experienced in Estates, Trusts, and Elder Law. With over 10 years of experience in Estates and Trusts, she has learned to appreciate how unique each client truly is. On a typical day, you will find her working on Wills, Revocable Living Trusts, Powers of Attorney, Advance Medical Directives, Tax Planning cases, Estate Administration filings, Petitions for Guardianships, Special Needs Planning, and Asset Protection.

658 Kenilworth Dr., Ste. 203, Towson, MD 21204

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