A trustee is responsible for the management of a trust. This appointed person is legally responsible for the management of the assets within the trust, with the guiding idea being that their actions are in the best interests of the trust beneficiary.
Some examples of typical trustee responsibilities including managing investment funds or rental properties as well as paying income to the beneficiary as designed by the trust. Since many beneficiaries of a trust are new to the process, this can involve navigating new territory for the trustee and the trustee typically retains legal counsel for their own protection.
Trustees are responsible for keeping the beneficiaries of a trust in the loop about general asset management and various states have different requirements about what that means under the law. Since it’s often the case that a beneficiary is also a trustee, an attorney is recommended for reviewing the trust and representing the trustee in legal matters. READ MORE