What Is a Trustee?
A Trustee is the person you name to manage the assets held in your Trust. Their job is to carry out your instructions and handle the trust property for the benefit of your beneficiaries, according to the terms you've set in your trust document.
What Does a Trustee Do?
The responsibilities of a Trustee can vary depending on the type of trust and what it holds, but typically include:
Managing assets – This could include bank accounts, real estate, investments, or personal property.
Following the trust instructions – The Trustee is legally bound to carry out the directions outlined in the trust document.
Distributing assets – The Trustee ensures beneficiaries receive what they’re entitled to, either right away or over time, depending on the terms of the trust.
Handling taxes and recordkeeping – In some cases, the Trustee may be responsible for filing tax returns for the trust and keeping clear records of all activity.
Acting in the best interest of the beneficiaries – This duty is called a “fiduciary duty,” which means the Trustee must act honestly, responsibly, and in good faith.
Who Can Be a Trustee?
Within our platform, a Trustee can be anyone over the age of 18 and of clear mind.
With NetLaw, you name a primary Trustee (usually yourself) and at least one Successor Trustee who will step in to manage the trust after your death or if you're no longer able to do so.