Responsibilities of a Trustee

When someone creates a will, they may feel that it is necessary for their beneficiaries to have some guidance and restrictions when it comes to spending their inheritance. This is where the duties of a trustee come in. In simple terms, a trustee is someone who is responsible for making decisions about when and how beneficiaries will receive the money given to them in a will.

If you are dealing with questions concerning the establishment of a will, designating a trustee, or other inheritance issues, the Houston estate planning lawyers of Garg & Associates, P.C. can help. To speak with a knowledgeable attorney about your questions, contact our offices at 281-362-2865.

Trustee Responsibilities

The specific duties of a trustee depend on the terms set out in the will. Generally, it is their duty to manage the trust in a way that is in keeping with the wishes of the testator as well as the best interests of the beneficiaries. Some of the responsibilities a trustee may have include:

• Overseeing the management of assets in a trust
• Managing banking & investment accounts or delegating that responsibility to a financial expert
• Managing any rental property
• Setting aside personal gain and interests in favor of the terms in the will
• Making decisions about the education of minors as set out in the will
• Distributing assets to heirs based on the terms of the will, or if no terms exist, based on their best judgment and accordance with state law

A benefactor can choose a single individual to be their trustee, or they may choose an institution, such as a trust company or a bank.

Contact Us

If you are considering setting up a trust, the guidance of an experienced estate planning attorney can be invaluable. To speak with a knowledgeable and skilled attorney who can help you, contact the Houston estate planning attorneys of Garg & Associates, P.C. at 281-362-2865.