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What role does the trustee play?

On Behalf of | Sep 12, 2018 | Trust And Probate Administration |

If you have prepared a trust in Illinois, then you have also had to appoint a trustee. You may also have been asked to be a trustee for someone else. It is a big responsibility. It may help you to make a better choice if you are choosing a trustee or handle your duties better if you are a trustee if you understand and can explain what the role of a trustee is.

According to Fidelity, as a trustee, you are legally required to handle the duties assigned to you. It is also important to note that you could be held liable for your actions as a trustee. That is why it is so important to make sure that you know your role and all your duties.

Your main role is to act as the owner of the assets put in the trust. You also need to manage the trust, including making decisions, investing, paying taxes and handling any other tasks related to the trust while it is under your care. You also must maintain records and paperwork pertaining to the trust.

It is your duty to interact with the beneficiaries. You may need to answer questions or provide paperwork to them. You must be honest in all your dealings with beneficiaries.

When the time comes, according to the trust, you also will need to distribute the assets. You must do this strictly as advised by the terms of the trust. You should maintain records of this process as well. You may need to meet with beneficiaries and work with other professionals to carry out the distribution of assets. This information is for educational purposes only and is not intended to be taken as legal advice.