What is the role of a trustee?

A trustee takes legal ownership and assumes fiduciary responsibility for managing assets for the purpose of the trust. So, what does it all mean? If someone appoints you as their trustee, you’re role as a trustee is to manage their investments and make the distribution of funds when that person passes away. The role is simple, but can become complicated if emotions get involved. Ultimately, you are responsible for acting according to the trust documents and executing them fairly on behalf of all beneficiaries. It is also possible for there to end up being a lawsuit if you don’t perform your duties correctly. If the trust does not outline something clearly, then you would have to do what’s in the best interest of the beneficiaries. There can be a lot of noise when trying to understand your role as a trustee, but the important thing is to remember to act as a fiduciary, and always in the best interest of those involved.

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Casey Smith
President, Wiser Wealth Management

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