Trustee Responsibilities

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.

Our Consumer Webcasts and Blogs

Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.

Ad Space