What is a trustee’s duties?

A trustee’s duties include managing, protecting, and investing assets of a trust. In New Hampshire, trustees must manage the trust according to the terms of the trust agreement and must act in good faith and in the best interest of the trust and the beneficiaries. The trustee must provide information to the beneficiaries, as required by law, which includes an annual report of the trust’s financial activity, an inventory of the trust’s assets, and a statement regarding the trustee’s performance. The trustee is also responsible for filing tax returns, ensuring that the trust’s assets are used in accordance with the trust agreement, and making appropriate decisions regarding trust investments. The trustee must also follow the rules of the New Hampshire Trust and Estate Statute when carrying out his or her duties. In addition to the duties listed above, the trustee is responsible for following the duties imposed by the settlor or grantor who created the trust. This may include making distributions from the trust in accordance with the terms of the trust agreement, following guidelines outlined in the trust document, and ensuring that the trust is properly administered according to the grantor’s wishes. The trustee is also responsible for protecting the interests of the beneficiaries. In New Hampshire, trustees have a wide range of duties and responsibilities, and it is important that they understand these duties and act as a fiduciary to the beneficiaries of the trust. The trustee must be able to understand the trust document, act in the best interest of the trust and the beneficiaries, and follow the requirements of the New Hampshire Trust and Estate Statute to ensure that the trust is administered properly.

Related FAQs

What is a trust fund?
What is a testamentary trust?
What is an inheritance tax?
What is a trust deed?
What are the elements of a trust?
What are the types of trusts?
What is a trust agreement?
How do I appoint a guardian for a minor in an estate plan?
What is a trust amendment?
What is a trust certification?

What is a trustee’s duties?

Related FAQs

Related Blog Posts