A trustee is an individual or entity appointed to manage the assets in a trust and administer the trust according to its specific terms. The trustee has a fiduciary duty to act in the best interest of the trust and its beneficiaries. 

In some cases, a trustee might be a family member or friend of the grantor, while in other cases a trustee might be a professional like an attorney or CPA, or a bank or trust company. 

The responsibilities of a trustee might include: 

  • Managing assets: The trustee is responsible for managing and investing assets held in the trust, which might include maintaining bank accounts, overseeing investments, managing real estate, etc. 
  • Distributing assets: The trustee might be responsible for distributing income or principal from the trust to its designated beneficiaries, and must adhere to the distribution instructions specified in the trust document. 
  • Keeping records: The trustee is required to maintain accurate records of all transactions related to the trust, including income, expenses, and valuations. Depending on the terms, the trustee may be required to provide regular reports to beneficiaries of the trust’s financial activity and gains or losses. 
  • Performing administrative duties: The trustee may be required to perform various legal and administrative tasks related to the trust, like maintaining documents, obtaining necessary licenses or permits, and fulfilling any reporting requirements. 
  • Complying with tax laws: The trustee is responsible for ensuring the trust complies with all relevant tax laws and regulations, including filing tax returns on behalf of the trust and working with tax professionals when needed. 

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