• Responsibilities of a Trustee
  • November 21, 2017 | Author: Anthony Joseph Cetrangelo
  • Law Firm: Threlkeld & Cetrangelo, P.A. - Naples Office
  • Whether your Trust is a Revocable Trust or an Irrevocable Trust, there are certain responsibilities that the appointed Trustee will be bound to and must uphold. Serving as Trustee can be time consuming and complex but it does not have to be. Having a great Attorney, C.P.A. and Financial Advisor surrounding you is an asset when the time comes to perform your responsibilities and when looking for guidance in certain situations.

    One large responsibility of the Trustee is to make sure that there is a prudent investment of Trust Assets but this is not the only responsibility. The specific duties and powers of the Trustee will depend on the instructions and provisions that were built into the Trust Agreement by the Grantor / Settlor. The powers that are granted to the Trustee by the Grantor/ Settlor vary and can be very restrictive or broad. In either case the Trustee has a fiduciary responsibility and must follow a rigid standard of care whenever performing functions of the Trust. Some of the basic Duties of the Trustee are to:

    · Distribute Trust Income to Designated Beneficiaries according to the Trust terms / instructions

    · Prudently Invest the Trust Assets

    · Maintain and Hold Trust Property such as Real Estate, Investment Accounts, etc.

    · Make Tax Decisions regarding the Trust

    · Record keeping of Trust Transactions

    · Issue Accountings to the Beneficiaries