What are the duties of a trustee?

A trustee is a person or group responsible for managing certain assets on behalf of another person or entity. In North Carolina, a trustee is usually appointed by a court to handle assets that are in the process of going through the probate process. The duties of a trustee vary depending on the circumstances, but generally they include: 1. Managing the estate assets. The trustee is responsible for collecting, managing and distributing the assets of the estate in accordance with the instructions of the court and the wishes of the deceased. 2. Paying estate taxes and debts. The trustee has the responsibility of paying all taxes and debts from the estate as required by law. 3. Distributing assets to beneficiaries. The trustee is responsible for ensuring that the assets of the estate are distributed to the beneficiaries in accordance with the instructions of the court and the wishes of the deceased. 4. Keeping accurate records. The trustee must keep detailed records of all of the assets and transactions related to the estate. This includes preparing and filing all required paperwork with the court. 5. Supervising the estate executor. The trustee must ensure that the executor is performing their duties in a timely manner. Being a trustee is an important role and requires a great deal of knowledge, skill and dedication. It is important to hire a qualified North Carolina attorney to serve as trustee in order to ensure that the estate assets are managed efficiently and legally.

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