What are some typical duties of the trustee for a trust established by a will?


Quick Answer

Typical duties of the trustee for a trust established by a will include administering the trust as set out in the terms, investing the trust's assets, keeping records and preparing tax returns, explains Fidelity. A trustee must also communicate on a regular basis with the beneficiaries of the trust.

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Full Answer

There are a number of responsibilities and duties associated with being the trustee of a trust. When setting up the trust and assuming the role of trustee, the designated individual must make sure the assets are under the trustee's control; understand the terms of the trust and confirm the identity of the beneficiaries; and ensure that past account records are up-to-date, explains Fidelity. If applicable, he can invest the assets to make them productive and profitable for future and current beneficiaries.

A trustee must administer the trust according to the terms, including distributing the assets as outlined in the trust agreement, says Fidelity. The trustee should make all necessary decisions that arise, as outlined in the provision in the trust, including decisions about when beneficiaries receive payments. All records should be prepared, and tax returns filed in a timely manner. A trustee should communicate with the beneficiaries and provide statements of accounts and tax reports.

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