What are the duties of a trustee?

A trustee is a person or entity that holds legal title to property for the benefit of another person. In the state of Kansas, trustees have certain duties and responsibilities they must fulfill in order to manage a trust properly. First, a trustee must act in good faith and in the best interests of the beneficiaries of the trust. This means they must be sure the trust assets are used in a way that is best for the beneficiaries. They must also comply with the terms and conditions of the trust document, as well as any applicable laws. Second, trustees must also protect and preserve the trust assets. They should not make investments or other decisions that could put the trust at risk or would cause losses. They must also properly manage the trust’s income and expenses. Third, trustees must keep accurate records of all trust activities. This includes the investments made, income and expenses, and any other transactions that involve the trust assets. Finally, trustees must make sure that the trust’s assets are distributed in accordance with the trust’s provisions. This includes informing the beneficiaries of their rights and obligations, as well as making sure the assets are distributed in a timely manner. In summary, the main duties of a trustee are to act in the best interests of the beneficiaries, protect and preserve the trust assets, keep accurate records, and make sure the trust’s assets are distributed according to the trust’s provisions.

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