If you’re setting up a trust, you have to select a trustee to manage the assets within that trust. While you will leave instructions, you still need to select a person who is responsible enough to manage your assets and handle your beneficiaries without any issues. This role isn’t one that can be handled by just anyone; therefore, familiarize yourself with the duties your trustee will take on and see if the person you’re selecting can meet these demands.
- Your trustee must locate all assets associated with your trust and ensure they’re protected. This can include bank accounts, retirement funds, real estate and physical property.
- Your trustee is responsible for collecting any documents regarding trust accounts – including banks, life insurance policies, etc.
- Your trustee must coordinate with the executor and probate court officials if your estate is going through probate.
- Your trustee must hire a third party to asses and evaluate your trust’s assets to determine their real value at the time of your death.
- If there are any taxes due, your trustee will file tax returns on your estate’s behalf and pay any tax liability. He or she may have to decide which assets to sell in order to pay off these debts.
- Your trustee must pay off any remaining creditors with assets inside your trust.
- Your trustee will manage and invest all assets associated with your trust in accordance with your wishes.
- Finally, your trustee is responsible for distributing your assets to your listed beneficiaries in accordance with the instructions you have left for him or her.