What is a trustee?

A trustee is a person who is legally responsible for the management of assets within a trust. This responsibility is delegated to them by the trust grantor, the person who created the trust. In Vermont, trustees are responsible for managing the trust assets according to the terms outlined in the trust documents. They must also keep accurate records of all trust transactions and provide the beneficiaries with regular financial updates. The trustee is also responsible for filing trust tax returns and ensuring all taxes are paid in a timely manner. In some cases, trustees are also tasked with distributing the trust property to the beneficiaries based on the terms of the trust. Trustees must act with a fiduciary duty to ensure the trust assets are preserved and distributed according to the terms of the trust. They are also responsible for ensuring the trust is in compliance with applicable laws, including estate taxes and probate laws.

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