What is a trustee’s duties?

A trustee is an individual or organization responsible for managing another person’s assets, such as a trust. In Minnesota, a trustee is charged with the responsibility of overseeing a trust and managing its assets to benefit the trust’s beneficiaries. The duties of a trustee include managing the trust assets in a way that is consistent with the settlor’s intentions, investing trust property prudently, and keeping proper accounting records. Additionally, the trustee must make distributions to the trust’s beneficiaries in accordance with the terms of the trust and must also maintain confidentiality regarding trust matters. Other duties of a Minnesota trustee include filing annual fiduciary income tax returns and managing any tax liabilities due as a result of the trust’s income. The trustee must also be aware of any applicable laws that might apply to the trust, such as those regarding the expenditure of trust funds. The trustee must also ensure that the trust’s assets are transferred to the beneficiaries in accordance with the terms of the trust when the trust terminates. In the case of a trust that lasts for the life of the beneficiary, the trustee must arrange for the distribution of the assets upon the death of the beneficiary. Finally, the trustee must provide trust accounting records upon request to the beneficiaries and other interested parties and make sure that the trust is always managed in compliance with state and federal laws.

Related FAQs

What is a pour-over will?
What is a revocable trust amendment?
What is a trust indenture?
How do I fund a trust?
What is a trust company?
What is a trust modification?
What is a living will?
What is a guardianship?
What is an inter vivos trust?
What is a trust deed?

What is a trustee’s duties?

Related FAQs

Related Blog Posts