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How To Choose A Trustee

A Trustee's Responsibilities

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A trustee's responsibilities include:

  • The exercise of discretion which may be built-in to the trust terms. For example, if a trust provides that funds may be used for a beneficiary's education, the trustee has to determine whether a particular education request is prudent and within the terms envisioned by the person who set up the trust (the "Grantor").
  • Management of all the assets in the trust. Assets can range from those which require minimal knowledge to maintain such as CDs, to overseeing complex businesses, or income producing real estate.
  • Manage debt owed by or to the trust.
  • Maintain detailed records.
  • Prepare detailed reports, including for the beneficiary.
  • Prepare and file federal and state tax returns.
  • Terminate the trust as provided in the terms.

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