Q What are the Duties of a Trustee?
Trustees have certain duties and responsibilities under the terms of the trust. A trustee is responsible for, but not limited to the following:
- Identify and protect the assets in the trust
- Find out what the trust requires you to do – For example, when the distributions of assets are to be made, when to end the trust, etc.
- Keep up-to-date records, file tax returns and report to the beneficiaries as the trust requires.
An estate planning attorney can give you additional information on the duties of a Trustee. Remember, different trusts may have different guidelines and requirements. Protect yourself and your family by contacting a qualified attorney.