Trusts Attorney in Niles, Illinois
What are my duties and responsibilities as a trustee?
What are my duties and responsibilities as a trustee?
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A trustee has a duty of loyalty and impartiality to all of the beneficiaries of the trust. It’s important to have a lawyer help a trustee understand what they can do, what they must do, and what is in the best interest of the trust to do.
Because a lot of times, situations arise in the course of a trust administration, and as the trustee, you’re not sure what you’re allowed to do or what you should do. The trustee’s responsibilities include understanding what the trust assets are, understanding what the terms of the trust provide, giving notice to the beneficiaries, being transparent during the course of administration by creating accounting reports, maintaining documentation during this entire period, and making decisions in the interest of what the trust directs.
Niles, IL estates & probate attorney Dana Zivkovich discusses the duties and responsibilities of a trustee. A trustee has a duty of loyalty and impartiality to all beneficiaries of the trust. It is important for a trustee to seek legal guidance to understand their legal obligations, permissible actions, and what serves the best interests of the trust.
Often, situations arise during the administration of a trust where the trustee may be uncertain about their permitted actions or required duties. The responsibilities of a trustee include identifying and understanding the trust assets, comprehending the terms of the trust, notifying the beneficiaries, maintaining transparency through the creation of accounting reports, keeping thorough documentation throughout the administration period, and making decisions in alignment with the directives of the trust.
