What is the responsibility of a trustee?
When creating a trust managing family affairs, many of us designate a family member to serve as the trustee. A surviving spouse. The eldest child. In many cases, a family member does this job without compensation.
If you have agreed to serve as a trustee, you may not really know what you just agreed to do. You might even assume there is no legal risk in agreeing to serve as a trustee.
It’s not easy to find articles describing the job of a trustee that is not filled with legalese. This articled titled “A Novice Trustee Primer” does a great job of describing the responsibilities of a trustee and is is recommended reading if you have a trust, are thinking about setting up a trustee, or if you have agreed to serve as a trustee.