What is a trustee’s duties?

A trustee’s duties are to manage the trust for the benefit of the beneficiaries and to carry out the instructions of the trust creator. This includes investing the trust’s assets, making distributions to the beneficiaries, and preparing and filing any required documents with the state or federal government. The trustee is also responsible for keeping accurate records, including financial statements and a duty to act in the best interest of all beneficiaries. In Indiana, a trustee has certain fiduciary responsibilities, meaning they must act with trust, loyalty, diligence, and good faith in the management of the trust and its affairs. This includes using reasonable care and prudence to manage the trust’s assets and follow all instructions of the trust. They must keep track of the trust’s assets and investments, keeping records of income, expenses, and disbursements. The trustee is also responsible to keep the beneficiaries of the trust informed of their rights and any material changes to the trust assets. The trustee also sometimes required to perform certain duties in court, such as increased assets in the trust due to a beneficiary’s death. Finally, upon the termination of the trust, the trustee is responsible to provide written notice to all concerned parties, distribute trust assets properly, and provide copies of final accounts and documents to the court for approval. It is important that trustees abide by all laws and regulations related to the trust in order to protect the trust’s assets and ensure the trust is upheld.

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