(718) 354-8646A trustee of a revocable living trust is responsible for managing and administering the trust assets during the lifetime of the grantor (the person who created the trust). The trustee is typically appointed by the grantor and can be an individual, a corporation, or a combination of both.
The trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries, and to follow the terms of the trust document. This includes managing the assets of the trust, making investment decisions, paying bills, filing taxes, and distributing income and assets to the beneficiaries as directed by the trust.
The trustee also has a duty to keep accurate records and provide regular accountings to the beneficiaries. In the case of a revocable living trust, the trustee’s duties may continue after the grantor’s death, as the trust may become irrevocable and continue to benefit the grantor’s heirs or designated beneficiaries.
Schedule an appointment with an estate planning attorney to determine the best course of action for your individual circumstances. Call Lepore Law at 718-354-8646 and we would be happy to schedule a consultation.