Chicago Estate Planning and Trustee Duties
A trust is a legal arrangement through which one person (or institution such as a bank or law firm), called a trustee, holds legal title to property for another person, called a beneficiary.
A trustee’s duties include locating and protecting trust assets, investing assets prudently, distributing assets to beneficiaries, keeping track of income and expenditures and filing taxes. A trustee has a fiduciary duty to the beneficiaries of the trust to act in their best interest. This fiduciary holds the trustee to a higher standard than if the trustee were dealing with his personal finances.
A trustee may hire an attorney and an accountant to assist in trust administration. The attorney and accountant fees are paid from the trust assets.
Consult your estate planning attorney for further information.
