How to Act as a Trustee

A trustee is in charge of administering a trust. You can act successfully as trustee if you understand your duties and follow sound, professional advice.

Instructions

Difficulty: Moderately challenging

Things You’ll Need:

• Safe-deposit Boxes
• Financial Calculator
• File Cabinets
• Lawyers
• File Folders
• Estate Planning Software
• Personal Financial Software

1. Understand that a trustee's main duty is to make prudent investments to protect the beneficiaries.
2. Understand that a trustee follows the directions established in the trust document.
3. Contact a lawyer and go over the instructions in the trust document. Make sure you understand the trust and what your responsibilities are.
4. Speak to an experienced financial adviser and choose wise investments for the funds. Keep accurate records.
5. Execute other facets of the trust as advised by a lawyer. Follow the instructions of the trust exactly.

Tips & Warnings

• As trustee, you are entitled to compensation. Each state has set guidelines for trustee fees. Contact your lawyer.
• Understand that your duties continue for the life of the trust.
• You may not use the money for your own benefit. You can be sued by the beneficiary if your actions are improper.