Keys to Fulfilling Your Trustee Duties
This paper details the fiduciary and administrative duties that trustees of personal trusts are required to uphold and also highlights the various risks associated.
Who Should Read This Piece:
- Individuals considering naming a family member or friend as a trustee
- Those who are new to the trustee role
- Current trustees who want to better understand their responsibilities and risks
Download Our Article and Receive:
- An overview of a trustee's key duties
- The risks associated with being a trustee
- The options for filling-in any gaps in trustee expertise
Excerpt from the paper:
"To be sure, serving as a trustee can be a demanding and stressful job. This is why families often select those relatives or friends who are most reliable and have demonstrated a history of showing sound judgment. Some may, instead, hire a corporate trustee. Whether trustees decide to go it alone or to seek out third-party expertise, they will be expected to:
- Understand their responsibilities
- Be knowledgeable about the relevant income and transfer tax laws
- Oversee distributions from the trust
- Invest the assets in a prudent fashion
- Perform the necessary administrative functions
- File tax returns annually"
The six-page paper, written by a trust expert, goes into detail in each of these areas and outlines options for meeting trustee obligations. Fill out the form on this page to download the material.
About Fiduciary Trust and the Author:
Fiduciary Trust Company is a private wealth management firm serving the needs of families, charities and third party advisors. We take a personal approach based on expertise, strong performance and a genuine commitment to act in our clients’ best interests. Our unique, private ownership and unconflicted investment approach align our interests with clients' and provide the stability and permanence our clients seek.
Stacy K. Mullaney is the Chief Fiduciary Officer at Fiduciary Trust. In this role, she is responsible for ensuring the firm achieves the highest fiduciary standards in serving our clients. In doing so, she applies her legal expertise, tax planning and estate administration capabilities to implement client goals and objectives. Stacy is a Fiduciary Counsel Fellow of the American College of Trust & Estate Counsel and a past co-char of the Boston Bar Association's Trust Administration Committee. She has been recognized as a "Leader-in-Law" by Massachusetts Lawyers Weekly and is a frequent speaker and author in the industry. She has over 20 years of legal experience and is a graduate of Stanford Law School.