Some duties of a Trustee are intuitive - A Trustee is responsible for managing Trust assets, keeping Trust records, and making distributions from the Trust when required.

 

Some Trustee duties are less obvious - A Trustee may have to give a financial report or accounting to Trust beneficiaries, or make complex financial and investment decisions for a Trust.

 

The duties of a Trustee might change over time. When you create a Trust, usually you're both the Trustee and the Beneficiary. You have more flexibility over what you can and can't do. This is because you’re responsible for yourself as Trustee. 

 

However, the duties of a Trustee may increase in some cases, for example, after the person who created the Trust dies. When that happens, the Trustee may have to give legal notices to Beneficiaries, make accounting and tax decisions, and potentially deal with courts. Many Trustees hire an attorney and/or an accountant to help with these decisions.

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