If you have been appointed a trustee, it is important to understand what the role entails. Understanding the responsibilities and expectations of being a trustee will help you succeed in this role.

Who is a Trustee?

A trustee is an individual who is legally responsible for administering a trust and the assets contained within. They are responsible for acting in the best interest of the trust's beneficiaries, meaning they must manage the assets carefully and with the beneficiaries' best interests in mind.

Duties of a Trustee

As a trustee, you hold a position of trust over the assets. That means you should protect and conserve the trust assets and manage them according to the terms of the trust agreement. Specifically, you must:

• Administer the trust according to its terms: This includes handling all financial transactions related to the trust-making sound investments that will help grow the asset base and distributing assets when necessary as outlined in the trust.
• Act Impartially: You must treat all beneficiaries fairly, carefully balancing their interests and needs when making decisions.
• Communicate with the beneficiaries: You must provide detailed reports and financial statements on time to inform and update beneficiaries on what is happening with the trust.
• Provide Information to Beneficiaries: When requested, provide beneficiaries with access to information about the trust's accounting, assets, and investments so they can be informed about how the trust assets are being taken care of.
• Act in Good Faith & With Loyalty: As a trustee, you should always make decisions in the best interest of those benefiting from the trust. You should not use your role as trustee for your benefit or interest and never complete any transaction that could put your interests ahead of those benefiting from your trust.

Contact a San Diego Trust Attorney to Get Started

Consult with a San Diego trust attorney to make sure you understand your duties and comply with all applicable laws. At Sole Law, lead attorney Sole Gaona Webb can provide comprehensive legal counsel and advice regarding the fiduciary responsibilities of becoming a trustee.

‍Sole Gaona Webb can also explain what is needed for estate administration and how to administer the trust properly. With Sole’s legal assistance, you will fully understand your duty to act substantially per applicable law, maintain accurate records, avoid conflicts of interest, diligently invest assets, communicate effectively with those involved in the trust process, and account for all decisions made for the trust's beneficiaries. Contact Sole Law today to learn more about how we can help.