 |
_____________________
Duties of Trustee:
Duty to Adhere to the Trust
Terms During Administration
The trustee has an ongoing duty to follow the trust terms. The trustee cannot
assume powers which the trust document does not grant him and cannot refuse to
do something which the trust requires him to do. If the trustee attempts to do
either of the above, then one of the trust beneficiaries may file suit to force
the trustee to act or may petition to have the trustee removed. |
|
|
|
Duty of Confidentiality
The trustee has a special relationship to the trust and cannot disclose any
information she learns about the trust, the trust assets, or the trust
beneficiaries if disclosing this information would harm the beneficiary’s
interests. This may even include the identity of trust beneficiaries.
The trustee must take care not to reveal any
information that could get him or her into trouble.
Duty of Loyalty
The trustee must always administer the trust with the best interests of the
trust beneficiaries in mind. This means that the trustee may not use his
position as trustee to benefit himself to the detriment of the trust. This
can become a problem if the trustee is also a beneficiary, since the
trustee-beneficiary must act in the best interests of all beneficiaries, not
merely himself.
|
|
|
Additional Duties
The trustee has several other duties to the trust and its beneficiaries.
Some of these other duties are discussed in different sections of this website.
The duties mentioned above provide a good starting point for the trustee.
However, a trustee should consult with an attorney to familiarize him or herself
with all of the duties owed and how best to satisfy those duties.
|
|
|
|
|
|
