By: Martin M. Shenkman, CPA, MBA, JD
Trustees (the persons who are the fiduciaries that manage and operate a trust) have a host of responsibilities. Many of these will be based on the trust agreement (the legal document that creates the trust). Therefore, every trustee should really consider meeting with an estate planning attorney and having them review the trust and identify the trustees duties and obligations. It might also be advisable to gain some understanding of what state law requires. A trustees duties or responsibilities may include: investing trust assets as required under the trust agreement and/or state law, distributing trust income or assets, having a trust income tax return completed, reporting to beneficiaries, and more.
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