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    Duties of a Trustee


    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

    Pratt Central - Greg Otto