What is a trustee?

A trustee is an individual or organization responsible for managing someone else’s property or assets. This is known as a trust. In the state of Minnesota, a trustee could be a family member, friend, lawyer, bank, or other professional. A trustee’s job is to manage and hold the property or assets for the benefit of someone else. This person is referred to as the beneficiary. The trustee must act according to the terms of the trust and manage any investments and assets appropriately. The trustee may be required to make decisions about the investments related to the trust. A trustee is also responsible for filing any tax returns and reports related to the trust, as well as managing any distributions from the trust. The trustee must also make sure that the beneficiary receives the income, assets, and benefits from the trust. In Minnesota, trustees are legally responsible for managing the trust properly. If they fail to do so, they could be held liable for any damages or losses caused by their actions. The state of Minnesota also imposes certain rules and regulations on trustees that must be followed.

Related FAQs

Can I set up a trust without legal help?
What is an executor?
How do I choose a trustee for my trust?
How do I name a beneficiary in a trust?
What is an executor's duties?
What is a revocable trust?
What is a trust indenture?
What are the trusts for an estate plan?
What is a generation-skipping trust?
What is a trust fund?

What is a trustee?

Related FAQs

Related Blog Posts