What is a trustee’s duties?

A trustee is someone appointed to manage assets such as property, money or investments for the benefit of someone else. A trustee has several duties, many of which are outlined in the Kansas Trust Code. First, the trustee has a “duty of loyalty” to act in the best interests of the person they are managing the assets for (called the “beneficiary”). This means that the trustee cannot use the assets for their own benefit or to the detriment of the beneficiary. The trustee also has a duty to invest the assets prudently. This means investing the assets in a way that will provide the beneficiary with a reasonable return on their investment. The trustee must also keep good records of all of the investments that they make on behalf of the beneficiary. The trustee also has a duty to keep the beneficiary informed about the trust assets. This includes sharing information about any investments that have been made, how well those investments are doing, and what decisions were made with regards to the trust assets. Finally, the trustee must also discharge their duties in a timely manner. This means that the trustee must fulfill any obligations in the trust document in a timely fashion. This is important because the trustee is responsible for carrying out the wishes of the beneficiary. In summary, a trustee’s duties are to act in the best interests of the beneficiary, invest prudently, keep good records, keep the beneficiary informed about the trust assets, and fulfill their obligations in a timely manner. These duties are outlined in the Kansas Trust Code.

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What is a trustee’s duties?

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