Being named a trustee comes with more than signing documents or managing an account. Trustees may be responsible for protecting assets, keeping beneficiaries informed, making distribution decisions, overseeing investments and handling tax and reporting requirements.

The Duties of a Trustee Guide from Adams Brown Trust Solutions walks through the initial and ongoing responsibilities that can come with serving as trustee, so you have a clearer idea of what may need your attention and when.

What responsibilities does a trustee have?

A trustee is responsible for carrying out the terms of the trust and managing trust assets with care. Depending on the trust, the estate and the beneficiaries involved, those responsibilities can include:

  • Gathering, inventorying and protecting assets
  • Reviewing financial accounts, insurance policies and tax records
  • Developing cash flow projections and preparing for tax obligations
  • Evaluating tax elections that may apply to the estate or trust
  • Notifying beneficiaries and providing required information
  • Keeping accurate records and documenting important decisions
  • Managing and reviewing investments
  • Making distributions according to the trust document

The work does not stop once the assets are gathered. Trustees may also need to provide ongoing accounting, communicate with beneficiaries, monitor investments, review tax returns and balance the interests of current and future beneficiaries.

Download the Duties of a Trustee Guide

This guide is designed to be a practical reference for people who have been named trustee or are already administering a trust. It also covers the ongoing responsibilities that can continue for years, from investment oversight and beneficiary communication to tax reporting and discretionary distributions.

Need support with your trustee responsibilities?

Trust administration can involve legal documents, tax decisions, investments, beneficiary requests and ongoing reporting. You do not have to handle every part of that work alone. Adams Brown Trust Solutions provides trust administration, trust agency accounts, investment oversight and other fiduciary services for individuals, families, businesses, foundations and endowments. Contact Adams Brown Trust advisor to discuss your trustee responsibilities and how our team can help.