Download A Free Report on the Duties and Responsibilities of a Successor TrusteeThe appointment of a trustee to administer a trust is a significant decision. A trustee is selected because of their integrity, responsibility and impartiality. While it is often considered an honor, the fiduciary responsibilities this position carries are significant and should be fully understood.
Being a trustee means more than just administering and managing the funds of a trust. It also means adhering to the strict standards and unique responsibilities of the fiduciary relationship between trustee and beneficiary. If these responsibilities and duties are not met, the consequences can be serious. A trustee, who does not fulfill his or her duties, intentionally or otherwise, may be liable for any decrease in value or loss of profits of the trust property.
This report is designed to help familiarize you with the duties and responsibilities associated with being a trustee. Because this is a guide instead of an exhaustive list, please contact Dennis Sullivan and Associates with any questions you may have.