What are the duties of a trustee?

Trustees are individuals who are appointed to manage certain assets that are owned by another individual or entity. In Florida, trustees have specific legal duties and responsibilities, which are outlined in the Florida Statutes and the Florida Rules of Civil Procedure. The primary duty of a trustee is to manage the trust assets in accordance with the terms of the trust agreement. This includes investing and distributing the assets in accordance with the trust agreement and making decisions in the best interests of the trust beneficiary. Trustees must also act in good faith when managing the trust assets, which means they must discharge their duties honestly and with integrity. Another important duty of the trustee is to provide full and honest disclosure to the beneficiary. This includes disclosing all relevant facts and information regarding the trust and providing any financial statements or documents related to the trust. The trustee is also responsible for keeping the trust assets and income separate from other assets and income, and ensuring that the trust is properly funded. When the trust ends, the trustee is responsible for winding up the trust. This includes distributing all assets to the appropriate beneficiaries, preparing and filing all necessary tax returns, and making sure that all debts and liabilities have been paid. Finally, the trustee must always act in the best interests of the beneficiaries, and must be fair and impartial in all dealings and decisions. They must follow relevant laws and regulations, and must always act in a prudent manner.

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