What are the duties of a trustee?

A trustee is an individual or entity that has been appointed to manage and maintain a trust, or property, given to them by another person. In Washington, trustees carry out many different duties. These duties include the following: 1. Investing and managing the trust’s assets: Trustees are responsible for managing and investing the trust’s assets in accordance with the terms of the trust document. This means they must ensure that the trust’s assets are invested in a manner that preserves and grows the trust’s wealth. They must also file any necessary tax returns, such as income tax returns, estate tax returns, and inheritance tax returns. 2. Protecting the trust’s assets: Trustees are responsible for safeguarding the trust’s assets. They must take measures to protect trust assets from theft, fraud, and other forms of misappropriation. 3. Distributing trust assets: Trustees must abide by the terms of the trust document when it comes to making distributions from the trust. This means they must follow the order of distribution specified in the trust document and must make sure that any distributions are appropriate for the beneficiaries. 4. Keeping records: Trustees must keep accurate records of all transactions involving the trust. This is important for both filing taxes and for verifying that trust assets are managed and distributed properly. 5. Fulfilling fiduciary duties: Trustees have a fiduciary duty to act in the best interests of the trust’s beneficiaries. This means that the trustee must act with integrity, loyalty, and a duty of care to ensure that the trust’s assets are managed and distributed appropriately. Overall, trustees play an important role in managing and preserving the wealth of trusts. They must ensure that the trust’s assets are properly managed and distributed in a manner that is beneficial to the trust’s beneficiaries.

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