What are the duties of a trustee?
A trustee is a party responsible for managing and distributing an inheritance. In Michigan, a trustee has a fiduciary responsibility to act in the best interest of the beneficiaries of an inheritance. Generally, these duties include collecting assets, ensuring that assets are valued accurately, taking steps to reduce taxes and other liabilities associated with the inheritance, and managing and investing assets until it is time to distribute to beneficiaries. The trustee is also responsible for obtaining and providing all necessary account information, documents, and legal paperwork to beneficiaries. In addition to asset management, a Michigan trustee is also responsible for distributing inheritance without delay. They must follow the instructions in the will or trust document to determine how an inheritance should be distributed and to whom. The trustee may also have a responsibility to pay expenses related to an inheritance before distributing funds. This includes any outstanding debts associated with the deceased, estate taxes, legal fees, and other costs. Finally, the trustee must keep detailed records of all activity regarding the trust, including all transactions and distributions. Trustees are also responsible for providing regular updates to beneficiaries regarding the status of their inheritance.
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