A Trustee of a Revocable Living Trust is responsible for managing and administering the trust according to the terms set forth in the trust document. A Revocable Living Trust is a legal document that is created during a person’s lifetime and is revocable, meaning it can be changed or terminated by the person who created it (the Grantor) at any time.
The Trustee of a Revocable Living Trust has several important duties, including:
1. Managing and investing the assets of the trust. This includes making decisions about buying and selling investments, managing rental properties, and other financial matters.
2. Distributing income and principal to the beneficiaries of the trust according to the terms of the trust document. The Trustee must follow the instructions of the Grantor regarding how and when distributions should be made.
3. Keeping accurate records of all transactions related to the trust, including income received, expenses paid, and distributions made.
4. Filing tax returns on behalf of the trust and paying any taxes owed.
5. Communicating regularly with the beneficiaries of the trust and keeping them informed about the status of the trust.
It’s important to choose a Trustee who is trustworthy, responsible, and has the necessary financial and administrative skills to manage the trust effectively. In some cases, the Grantor may choose to appoint a professional Trustee, such as a trust company or attorney, to serve as Trustee of the Revocable Living Trust.
Work with an Experienced Florida Estate Planning Attorney
If you’d like to include a durable power of attorney in your estate plan, we’re here to help. Call our office at 561-395-6800 or fill out our contact form to schedule a meeting and we will be in touch to get that scheduled.