WHAT SHOULD I KNOW ABOUT A TRUSTEE? Motley Fool’s recent article, “What Is a Trustee?” explains that a trust is a legal arrangement created to hold and manage assets on behalf of someone else, known as the beneficiary. The trustee is the person or entity responsible for managing trust assets.
Nearly anyone can be appointed as trustee for a trust, and those who establish a revocable living trust -- the most common type of trust because it can be amended as long as the donor is living and able to make sound decisions -- frequently appoint themselves as trustee. They will also name a successor trustee who assumes responsibility for managing trust property when the donor dies or becomes incapacitated.
WHAT SHOULD I KNOW ABOUT A TRUSTEE?
A trustee becomes responsible for managing the trust assets according to the instructions in the trust document. Trustees have a fiduciary role, which means they must act in the best interests of the trust’s beneficiaries. Some common responsibilities of trustees include:
A trustee is a fiduciary, so they’re prohibited from putting their own interests ahead of those of the trust’s beneficiaries. They must avoid conflicts of interest by keeping trust property separate from their personal property.
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WHAT SHOULD I KNOW ABOUT A TRUSTEE?
Reference: Motley Fool (May 2, 2023) “What Is a Trustee?”
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