Pratt Central - Greg Otto

This chart is a generalized presentation of some of the more common duties and responsibilities of a trustee. It is not intended to be exhaustive or technical. The specific details of a trustee's duties and responsibilities often vary from state to state, so the chart is not intended to cover these in depth. Furthermore, many of the steps that a trustee must take in administering a trust depend on the provisions of the trust agreement or Will and the composition of the assets comprising the trust.

The Trustee:

• Accepts the trusteeship and assumes control of trust assets
• Performs initial administrative functions
• Adheres strictly to the code of trust ethics and to statutory standards
• Has important investment duties
• Exercises powers wisely and prudently
• Has financial duties to beneficiaries
• Is responsible for matters of taxation
• Distributes the trust assets when the trust terminates