A living trust is a cornerstone of many estate plans. During your life, you can serve as the trustee and manage the assets just as you would if you owned them outright. However, you must choose a trustee to oversee and administer the trust after your death (and during your lifetime, should you become unable to act as trustee).
Trustee Job Description
- Manage all trust assets, perhaps including securities and business and real estate interests, until they’re distributed;
- Maintain detailed records and prepare transaction statements;
- Handle collections, distributions and payments;
- Ensure all tax returns are prepared and filed; and
- Settle the trust.
In addition, the trustee must be available to respond to all inquiries from beneficiaries.
Trustee Types to Consider