
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