Financial Guidance for Trustees

As trustee you have a large number of duties and responsibilities to the trust maker and the beneficiaries. Some of these duties and responsibilities include: duties of loyalty, prudence, impartiality, administration of the trust, protection, investment management and control of trust property, diversification of investment assets, record keeping, reporting, communication with beneficiaries, non-commingling of trust assets with outside assets, and trust accounting. Let us help you.

The Roles and Responsibilities of Trusteeship

As a trustee, you can oversee the management of all trust assets, whether handled by you directly or by delegating responsibilities to another independent party. The trustee obtains a new tax identification number for the trust, once the trust becomes irrevocable. The trustee will also need to properly handle the income and principal of the trust assets, in keeping with the directive language of the trust. In some trust accounts, this can mean communicating with beneficiaries regarding their needs for income and/or principal for their health, education, maintenance and support needs.

We have lawyers, prior trust officers, and credentialed advisors on staff who can help hand-hold you through the process of serving as trustee. It’s a large responsibility and while it might feel daunting, we will help you every step of the way.

Latest Thought Leadership:

Types, Features and Taxation of Trusts

The areas of trust planning and trust creation are vast and limited only by the imagination of the trust-makers, their attorney and the law. Trusts can be written and created to include a wide variety of features and accomplish many goals. So, while there may be a general form to certain commonly used trusts, no two trusts are ever the same. Somewhat like fingerprints, trusts are unique to each individual.

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The Role of the Trustee

The trustee acts as the legal owner of trust assets and is responsible for handling any of the assets held in trust, filing taxes for the trust and distributing the assets according to the terms of the trust.

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