We all know that trustees handle the property and assets of an outside party. However, many trust instruments define the trustee’s duties. So, you aren’t able to state what the trustee can or can’t do, without having to read in between the lines.
The video below, Paul Rabalais from Rabalais Estate Planning LLC gives you expert advice on trusteeship. In his capacity as an attorney he gets many trust-related questions, mostly from skeptical trust beneficiaries concerned about a trustee’s conduct. The following are the most vital duties that a trustee should fulfill.
To begin with, the trustee should not lend funds to their own employees or business partners, unless the trust’s documents state the contrary. Secondly, the trustees should not purchase or sell properties from the trust to them. They should avoid doing business with trust. All depends upon the trust instrument just like the previous limitation.
The trustee is also required to keep an accurate log of how the trust is managed. On request, the trustee shall give beneficiaries complete information on the purpose and the amount of the trust. And finally, the trustee shall administer the trust prudently and with the utmost diligence. The trustee agrees to these responsibilities in the event that they accept the delegated trust. tae7etlfz5.