TRUSTEE - The Manager of a Trust
To schedule an appointment, contact our law firm at 403-400-4092 or Chris@NeufeldLegal.com
A trustee is the person (or entity) appointed to manage a trust (being the legal arrangement where assets are held by one party for the benefit of another party (the beneficiaries). The trustee's primary function is to manage and administer the assets held in a trust for the benefit of the beneficiaries. This role comes with a significant fiduciary duty, which is a legal and ethical obligation to act in the absolute best interests of the beneficiaries, often putting their interests ahead of their own.
The key functions and obligations of a trustee include:
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Administerig the Trust: The trustee must strictly follow the instructions and wishes outlined in the trust instrument / trust deed regarding the use and distribution of assets.
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Managing Assets: The trustee takes legal ownership of the trust property (like money, real estate, or investments) and is responsible for its prudent management and investment to preserve or grow its value.
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Loyalty: The trustee must act solely for the benefit of the beneficiaries and avoid any conflict of interest or self-dealing (using trust assets for personal gain).
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Maintaining Impartiality: If there is more than one beneficiary (e.g., current and future beneficiaries), the trustee must treat them fairly and impartially, balancing their competing interests unless the trust document dictates otherwise.
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Keeping Records and Account: The trustee is required to maintain accurate and detailed records of all trust income, expenses, and transactions, and often must provide regular accountings and reports to the beneficiaries.
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Handling Taxes: The trustee is responsible for managing the tax affairs of the trust, including filing required trust tax returns and paying any taxes due.
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Distributing Assets: The trustee makes distributions to the beneficiaries according to the specific terms and conditions set out in the trust instrument / trust deed.
As such, when you are looking to create a trust that legally facilitates your objective goals, contact our law firm today to schedule a confidential consultation at 403-400-4092 or via email at Chris@NeufeldLegal.com.
IMPORTANT NOTE: This website is designed for general informational purposes. The site is not designed to answer specific questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as substitute for individual legal advice. If you want specific legal advice, you need to engage a lawyer under established legal engagement procedures that have been specifically agreed to by that lawyer.
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