Trustee
Candlefocus EditorTrustees may be appointed for various purposes, including in cases of bankruptcy, for a charity, for a trust fund, for estates, for minor children, for guardianships, for corporations and for succession planning. Each situation requires the trustee to act in accordance with the trust documents that outline the governing provisions for administering the trust property or assets.
Generally, trustees are responsible for maintaining accurate financial books and records, handling compliance with any applicable laws, being familiar with the trust’s governing documents and regulations, carrying out the terms of the trust, protecting the beneficiaries, and keeping the trust’s grantors informed of progress.
Trustees may have a duty to inform the beneficiaries or grantors of potential conflicts of interest or implementation of changes and serve as an impartial observer in disputes or situations that affect the trust or its beneficiaries. They also act as a go-between between parties, managing the investments of the trust, and making sure that any beneficiaries or grantors understand the trust’s provisions.
Trustees are always held to a high standard of trustworthiness and integrity in order to ensure that assets and property are managed responsibly. All decisions must be made with the best interests of the beneficiaries in mind. Thus, trustees must have the experience and qualifications necessary to understand the terms and conditions of the trust and the applicable laws that govern it.
Despite the level of responsibility that comes with being a trustee, the job can be incredibly rewarding. By being responsible for the management of others’ assets and property, trustees play a vital role in many organizations and individuals’ lives. They help to ensure that valuable assets continue to benefit their intended parties over time.