Trust Administration: Trustee Duties
As a trustee for someone’s revocable living trust, you have been given a serious legal responsibility. Trustees are in charge of administering assets and handling any disputes that arise after the document’s creator (or trustor) passes away.
Trust administrators have many tasks to perform. From investing assets to distributing property, it is important to have a clear understanding of the trustor’s wishes to fulfill your duties as trustee.
Trustee duties often include:
Keeping clear records of your decisions and investments
Paying taxes and creditors on behalf of the deceased
Managing funds and stock portfolios
Assessing the value of trust assets
Accurately disclosing personal gain and any conflicts of interest
Distributing properties according to the trustor’s wishes
Managing accounts for underage beneficiaries
Contacting and informing beneficiaries about trust changes
Meeting the IRS deadlines for tax payments
For estate planning concerns, such as revocable living trust, or family law concerns, such as a premarital agreement (‘prenup’) or friendly dissolution of marriage (‘divorce’), you may send us a message by filling out the form below.