A Trustee/Fiduciary's Responsibilities and/or Functions
- Be loyal to the trust and carry out the provisions of the trust document in a fair and impartial manner.
- Exercise prudent judgement in the management of the trust assets
- Perform the day-to-day administration of the trust
- Be aware of current fiduciary income tax, estate tax, gift tax, generation skipping transfer tax and their impact on the trust & beneficiaries
- Upon termination of a trust, determine proper expenses and taxes to be paid, and distribute the trust in accordance with its terms.
Naming a Corporate Trustee
How do you ensure that trust decisions are made with an eye towards personal understanding of your beneficiaries and their needs? Some choose to name a relative or friend to succeed them as their trustee. Many individuals, though, often find managing a trust to be both complex and burdensome.
Types of Trusts & Their Goals
Our experts can assist you in determining what works best for your unique situation.