What are the duties of a trustee?
A trustee is a person or entity appointed to handle the legal and financial duties of managing an estate when someone passes away. In California, trustees have the responsibility of managing and distributing the assets of a deceased individual’s estate. The primary duty of a trustee is to ensure that the wishes of the decedent are accurately followed. This includes the proper and timely distribution of assets, such as money, real estate, and personal property. The trustee must also make sure that all necessary taxes are filed and paid in a timely manner. Trustees are also responsible for collecting any debts that are owed to the estate and for the payment of any bills or expenses incurred by the estate. This might include medical expenses, funeral expenses, or other costs related to the management of the estate. Trustees must also ensure that the proper investments are made, and that they are managed in a responsible and safe manner. A trustee must act prudently in investing estate assets in order to maximize returns without exposing the estate to excessive risk. Finally, trustees are responsible for ensuring that all property of the estate is properly inventoried and accounted for. In California, a trustee must provide an accounting of all transactions related to the management of the estate at least once a year, and must retain all records related to the estate.
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