If someone close to you passes away and you receive the information that they had named you as trustee, you may find yourself feeling overwhelmed if you do not know what is needed to fulfill this role and if you have not served as a trustee before.
Serving as a trustee isn’t an innate skill that everyone has, and there are many responsibilities and duties that someone must take on in this role. Different states may have some specific duties and responsibilities that vary, but here is a general list to help you begin:
- Duty to Administer the Trust: A trustee is to administer the trust in good faith upon acceptance of the trusteeship.