What does a trustee do?

You can think of the trustee as being like the CEO of a corporation, and you can think of the trust as that corporation. So the trustee manages all the trust property in accordance with the law and in accordance with what the trust instructs the trustee to do. Now, when you’re the trustee of your own trust, if you have a typical revocable living trust, then as trustee you do whatever you want with your assets because you’re also the person who owns the money, you’re the settlor, and you have the flexibility to do whatever you want with it.

When somebody else is acting as trustee for your assets on your behalf, that’s when they look to that trust document and they follow what the trust document says, and of course they also have to follow the law in managing your assets. So that can be managing your assets for you while you’re incapacitated and then at your death, also making sure all taxes are paid and the government agencies are notified who need to be notified. Then ultimately that your assets are distributed to your beneficiaries and according with your wishes.

An experienced trust administration attorney is essential to helping you administer the estate through the trust process so that you do it correctly and efficiently.