What is a trustee’s duties?

In Pennsylvania, a trustee is someone responsible for managing the assets of a trust. The trustee is appointed by the grantor ( creator of the trust) and is in charge of managing trust assets according to the instructions in the trust agreement. A trustee in Pennsylvania must fulfill several duties when managing trust assets. These duties include: 1. Administering and managing the trust assets with due care and skill; 2. Investing the trust assets in a prudent manner; 3. Keeping adequate records of trust assets; 4. Making regular, accurate reports to the beneficiaries; 5. Distributing assets according to the terms of the trust; 6. Paying taxes and other expenses related to the trust. Trustees are expected to act in good faith and with loyalty to the trust beneficiaries. A trustee may face personal liability if the trust assets are mismanaged. Therefore, trustees should always take their responsibilities seriously and ensure that all duties are carried out according to the terms of the trust agreement. Lastly, a trustee may also have additional duties based on the specific language of the trust agreement. Therefore, it is important to review all terms of the trust agreement to ensure that all required duties are fulfilled.

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