What are the duties of a trustee?

A Trustee is an individual or group of individuals appointed to manage a trust, which is a legal arrangement that holds assets on behalf of a beneficiary. In Indiana, trustees have a legal responsibility to manage the trust’s assets wisely and in the best interests of the beneficiaries. Trustees must administer the trust according to the instructions laid out in the trust document and take appropriate actions to preserve and protect the trust’s assets. This includes making investments, dealing with taxes, and keeping accurate records of all trust-related activity. Trustees must also manage any income earned by the trust, and disburse trust assets in accordance with the trust document and applicable state laws. Trustees are also responsible for ensuring that the trust complies with all applicable laws and regulations. They must be aware of any changes to these laws, and must keep up to date with any new tax codes or other legal requirements that may affect the manner in which the trust is administered. Trustees have a duty to communicate regularly with the trust’s beneficiaries, to ensure they remain informed about the trust and any activity taking place. Additionally, trustees must ensure that their administration of the trust is transparent and that the trust is properly audited. In Indiana, trustees are held to a high legal standard and must always act in the best interests of the beneficiaries. If a trustee fails to meet their legal duties, the beneficiaries of the trust may be able to take legal action.

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