What is a trustee?

A trustee is a person or entity that is legally responsible for handling money or assets on behalf of another person or entity. In New York, a trustee is generally a fiduciary, meaning that they must exercise a high level of responsibility, loyalty, and care when administering the trust. Trustees are responsible for making sure trust assets are managed and distributed in accordance with the terms of the trust and for filing all required reports and tax returns. Trustees are also responsible for keeping records of all transactions and properly documenting all decisions related to trust assets. The responsibilities of a trustee vary depending on the type of trust, but most trustees have the authority to manage, invest, and distribute trust funds, pay bills, and manage trust finances. They are also responsible for handling any disputes between trustees and beneficiaries, as well as ensuring that trust assets are properly distributed to beneficiaries in accordance with the trust.

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