Who Is a Trustee
The person entrusted with the responsibilities and management of the trust assets is called a Trustee. The Trustee holds a very important position, one of fiduciary capacity, which means the trust creator has entrusted you with safekeeping and investment management of the Trust funds. Ultimately, if you do not carry out your fiduciary duties under the law and according to the trust agreement, you may be held personally liable and sued.
That’s why it’s so crucial to hire our firm to represent you for your own protection as a trustee and proper advice on your role and duties as a trustee.
A Trustee’s Roles & Responsibilities
In general, a trustee has a fiduciary duty to administer the trust solely in the interest of the beneficiaries and to deal with them impartially.
Additionally, the trustee cannot use any of the trust property for their own profit or any purpose not expressly listed in the trust. The trustee also cannot enter into any transaction that would create a conflict of interest between the trustee and the trust or a trust beneficiary.
Rest assured that you are not alone in your role as trustee. Our firm is experienced and knowledgeable and ready to assist you in competently accomplishing the steps involved in administering the trust agreement.
Important Steps of Trust Administration
Locate estate planning documents
Collect other important documents such as insurance policies, real estate deeds, car titles, bank and investment account statements, and tax returns
Determine whether there are any debts to be paid
Provide Notice to beneficiaries
Prepare property valuations and appraisals
File all the necessary tax returns and pay any taxes due
Maintain the trust accounting, which the Trust beneficiaries are entitled to
Prepare deeds and other transfer documents to beneficiaries, restructure assets for equalization of distribution, and oversee real estate transactions
Establish subtrusts for beneficiaries such as lifetime asset protection trusts and special needs trusts, and trustee advisement in the ongoing administration thereof