 A trustee is an institution or an individual who is appointed to administer a trust according to the terms outlined inside the trust. There are several important responsibilities that a trustee must undertake when stepping into this role. This is why it is so important to think carefully about who you intend to appoint in this position and to have a clear conversation with them about the time commitment and other responsibilities involved.
The key responsibilities of a trustee start with asset identification and inventory. This may include reviewing your financial records and property titles to ensure that all assets have been appropriately accounted for and transferred legally into the trust. From that point on, the trustee’s primary responsibility is managing trust assets. The trustee must manage them, such as overseeing investments, maintaining properties, and paying bills. Their major role in this phase is to protect the assets until it is time for the assets to be distributed.
Prior to distributing any assets, the trustee needs to pay any outstanding debts or expenses and then can distribute assets, following the instructions in the trust to the letter. Maintaining accurate records is another key responsibility of someone installed in the trustee role, as they may need to provide accountings to the court or to beneficiaries when asked.
For further questions about setting up a trust and how to choose a trustee, schedule a time to meet with our lawyers. At our Pasadena estate law office, we help guide people to the individual plans needed to accomplish their goals and give them comfort in knowing that their wishes will be respected.Â
