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Trustee Responsibilities

A trustee is generally responsible for the management and distribution of trust assets.  Trustees are responsible for making investment decisions regarding trust assets and making payments to the beneficiaries according to the directions of the trust document.  When circumstances arise which are not specifically addressed in the trust document the trustee must use his own judgment to make decisions which are in the best interests of the beneficiaries.

Trustees have a fiduciary duty to protect the assets for the benefit of the beneficiaries. A trustee is usually paid a set fee from the trust assets for his work with the trust. A trustee may be a friend or family member of the grantor or it may be a bank or other financial institution.

When choosing a trustee, an individual must consider the complexity of the trust and the size of the trust assets. A large or complex trust should be managed by someone with sufficient financial experience and knowledge to preserve and grow the trust assets.  More than anything a trustee should be someone the grantor trusts to do what is best for the beneficiaries.

Getting Legal Help

Working as a team with an estate planning attorney you can create plan which preserves assets, minimizes taxes and protects loved ones. Experienced Estate Planning Attorney Elga Goodman can help you understand your options for tax-saving and trust strategies.   Call us today at 973-841-5111.


Posted in: Estate Planning, New York Estate Planning