What is a trustee?

A trustee is a person or institution that holds legal title to property or assets for the benefit of another person or group of people. In North Carolina, trustees are often appointed to manage trusts set up by individuals or organizations that have created them to manage and distribute their assets according to their wishes. Trustees in North Carolina have a duty to act in the best interests of the beneficiaries of the trust. They must keep accurate records of the accounts and assets of the trust, and use the assets to meet the obligations of the trust. They must also protect the assets from mismanagement, waste, or fraud. Trustees must also be aware of and abide by all applicable laws regarding trusts and estates. They are required to file any and all required tax returns and must keep their beneficiaries informed of all actions they take with respect to the trust and its assets. In addition, trustees may be responsible for providing advice to trustees and beneficiaries to help them make informed decisions about the management and distribution of the trust. They must also regularly check the investments of the trust and ensure that the trust continues to meet the goals and objectives of the original grantor. Finally, trustees must periodically report to the court on the state of the trust and its assets, and obtain court approval for any major changes to the trust or its assets. This helps ensure that the trust remains in compliance with the regulations it was set up to follow.

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What is a trustee?

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