When an individual, known as the grantor, sets up a trust that typically benefits other individuals, they must appoint a trustee. A trustee has a very important role in making sure that the trust is properly administered, among other things. While trusts can be set up for a business or a charity, most of the time, they are created in an effort to benefit family members in the future. When children are too young to receive assets and use them responsibly, a trust can allow the assets to be inherited at an age-appropriate time.
A trustee is responsible for ensuring that the beneficiaries receive what they have been granted in the trust. Before it is time for the beneficiaries to receive the assets, the trustee is responsible for managing them. In fact, the trustee typically has the legal title to the property and also must use the property only as agreed upon in the trust agreement. Some of the other responsibilities of a trustee may include:
- Consolidating and investing assets
- Paying off debts
- Paying taxes
- Maintaining property
- Distributing property at the agreed-upon time
If you have been appointed to act as a trustee, you may want to discuss your legal rights and responsibilities with an experienced trusts attorney. Contact our firm today.
The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.