If you have been nominated and are acting as Trustee, you are acting as a “fiduciary” and have many duties as Trustee. Below is a list of key duties of a Trustee:
- Duty to identify and locate Trust assets.
- Duty to control, maintain and preserve Trust property.
- Duty to keep Trust property separate and identified as Trust property.
- Duty to maintain confidentiality.
- Duty to follow the terms of the Trust and the laws governing Trust administration.
- Duty to exercise the standard of care of a “prudent” person under like circumstances.
- Duty of loyalty and impartiality.
- Duty to avoid conflicts of interest.
- Duty to enforce claims of the Trust and defend claims against the Trust.
- Duty to act reasonably when exercising any discretion.
- Duty to account to the beneficiaries.
- Duty not to delegate improperly.
- If the Trust provides for CoTrustees:
- Duty to be sure that all CoTrustees participate in the Trust Administration and
- Duty to prevent any other CoTrustee from committing a breach of Trust.
See Wayne M. Zell, You Have Been Named as Trustee for a Living Trust‐‐Now What?, The National Law Review, Nov. 20, 2014.