What is a trustee’s duties?

A trustee is a person appointed to manage the assets of another person or entity in accordance with the terms of a trust. Trustees have certain legal duties and responsibilities they must follow in order to adequately manage the trust. One of a trustee’s primary duties is to act in a fiduciary capacity. This involves managing the trust property with integrity and honesty in accordance with the terms of the trust agreement, the Florida Trust Code, and any applicable laws. The trustee must act in the best interests of the beneficiaries and make decisions that are in the best interests of the trust. Additionally, the trustee must maintain accurate and detailed records of all transactions and dealings with the trust property. Another duty of the trustee is to protect and preserve the trust assets. The trustee must exercise due diligence by carefully investing the trust funds and making sure that the trust assets are adequately insured. The trustee also must monitor and ensure compliance with the terms of the trust agreement and applicable laws. The trustee also has a duty to distribute the trust assets to the beneficiaries as defined by the trust document. Trustees must exercise great care when making distribution decisions to ensure that all beneficiaries receive their proper share of the trust assets. Lastly, the trustee must file all necessary tax returns and pay all taxes and other expenses associated with the trust. These are the trustee duties in a general sense; however, the obligations of the trustee vary depending on the type of trust and other factors. Trustees must be aware of their statutory and fiduciary obligations and seek legal advice regarding any questions or issues they may have.

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