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. She states that a trustee carries a duty of loyalty and impartiality to all beneficiaries of the trust. For this reason, it is important for a trustee to seek legal guidance to fully understand what actions they can take, what obligations they must fulfill, and what choices best serve the interests of the trust.
She notes that challenges frequently arise during trust administration, leaving trustees uncertain about what is permitted or required. A trustee’s responsibilities include identifying and understanding the trust assets, interpreting the terms of the trust, providing notice to beneficiaries, maintaining transparency by preparing accounting reports, keeping thorough documentation throughout the administration, and making decisions that align with the directives of the trust.
