What are the duties of a trustee?

A trustee is responsible for managing the assets of a trust in California. Their duties depend on the particular trust they are overseeing but generally involve managing financial investments, distributing money to the beneficiaries, and filing taxes. The primary responsibility of a trustee is to manage the trust’s assets in compliance with the terms of the trust and the law. This may include investments, taxes, and other legal matters. The trustee must make sure that the trust’s assets are used for the benefit of the beneficiaries according to the terms of the trust. The trustee is also responsible for keeping and maintaining records related to the trust. The trustee may also be responsible for providing the beneficiaries with financial information about the trust. This may include distributions of income, tax filing requirements, and reports on the performance of investments. The trustee is also responsible for keeping beneficiaries informed of any changes to the trust. In addition to these duties, the trustee is responsible for filing taxes related to the trust. This includes filing tax returns, preparing tax estimates, and paying any taxes that are due. The trustee may also be responsible for filing any lawsuits related to the trust. Finally, the trustee may be responsible for ensuring that the trust is administered in accordance with the terms of the trust. This includes the proper handling of investments, distribution of assets, and other necessary legal matters.

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