Administering a trust typically involves a wide range of duties and responsibilities that require legal and/or financial experience, skills, and knowledge. Examples of some common duties and responsibilities of a Trustee include:
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- Understanding and abiding by all trust terms unless they are illegal, impossible to fulfill, or unconscionable.
- Understanding and furthering the trust purpose as stated by the Settlor.
- Communicating with beneficiaries.
- Mediating conflicts among beneficiaries.
- Investing trust assets using the “prudent investor” standard.
- Managing trust assets.
- Defending the trust during litigation
- Distributing trust assets according to the trust terms.
- Making discretionary decisions, if applicable.
- Keeping trust records.
