What are the duties of a trustee?

A trustee is a person or entity responsible for managing and distributing assets belonging to another person or entity. In Indiana, trustees are also responsible for a variety of other duties related to probate law. The primary duty of a trustee is to administer the assets of an estate in accordance with the instructions in the will or trust document or as directed by the court. This could include collecting assets, investing them prudently, and distributing them according to the instructions in the document. Trustees must also make sure that beneficiaries receive all the money and assets they are entitled to according to the document and that the assets are managed according to the provisions of the document. This could include paying creditors and other claims against the estate and filing the necessary tax returns. Trustees must also keep accurate records and report regularly to the court and to the beneficiaries. These records should document the administration of the trust, including the income, expenses, and distributions of the estate. Trustees also have an important fiduciary duty to act in the best interests of the beneficiaries. They should not make decisions that are solely beneficial to themselves or which unduly benefit other parties. In conclusion, a trustee in Indiana is responsible for many duties, including administering the assets of an estate, making sure beneficiaries receive their entitlements, keeping accurate records, filing the necessary tax returns, and acting in the best interests of the beneficiaries.

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