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J. Warren
J. Warren, Attorney
Category: Estate Law
Satisfied Customers: 2211
Experience:  Experience in estate planning including wills, trusts and succession planning.
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What duties does a trustee have and is there any performance

Customer Question

what duties does a trustee have and is there any performance or obligation in an inheritance situation
Submitted: 1 year ago.
Category: Estate Law
Customer: replied 1 year ago.
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Expert:  J. Warren replied 1 year ago.
Hello my name is ***** ***** I look forward to providing you information. Please note:
(1) this is general information and is not legal advice. I never propose a specific course of action. There is no attorney-client relationship or privilege that is formed when communicating to an expert on this site. The site repeats this disclaimer numerous times. By continuing, you confirm that you understand and agree to these terms; and
(2) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
A trustee is the manager and administer of the asset and is responsible for making investment decisions and distribution decisions in the best interest of the beneficiary and consistent with the terms of the trust agreement.
The trustee is owes a fiduciary duty to the beneficiary of the trust, which includes a duty of loyalty to the beneficiary (act in the best interest). If this duty is breached, the trustee could be held personally liable.
Basically a trustee acts as the owner of assets and is in charge for the duration of the terms of the trust which can be a short period or a period of many years to invest and distribute the assets in the best interest of the beneficiary (in this case the person you recently met). A trustee may not be able to resign his position as a trustee without court approval and consent by the beneficiary.
In short a trustee has significant duties and responsibilities.
All my best & encouragement.
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All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.