What are the duties of a trustee?

Published On: Monday, January 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.

Please contact Stouffer Legal for a consultation to discuss your trust and estate planning strategies.

To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.

Schedule Free Consultation
Post Author

Stouffer Legal

Britt Stouffer, Estate and Elder Law Attorney in Maryland

Towson, MD

Subscribe to our mailing list

* indicates required