What Does A Trustee Do?

A trustee is someone who takes care of money and property that belongs to other people. Think of them like a responsible guardian for special savings accounts called trusts. Let's learn about what trustees do to help others!

Main Jobs of a Trustee

1. Following Instructions A trustee must follow the rules written down by the person who created the trust. These rules tell them who should get money or property and when they should get it.

2. Taking Care of Property and Money

• Keep track of all money coming in and going out

• Make smart choices about how to save and invest the money

• Make sure the right people get their share at the right time

3. Talking to People A trustee needs to keep in touch with the people who will receive money or property from the trust. They answer questions and explain what's happening with the trust.

4. Paying Bills and Taxes Before giving away any money or property, the trustee must:

• Pay any bills the trust owes

• Make sure all taxes are paid on time

• Keep good records of all payments

Being a Good Trustee

A trustee must always:

• Put other people's needs before their own

• Make careful choices

• Be honest about everything they do

• Keep good records

• Ask for help when they need it

Getting Help

Sometimes it's better to have a professional trustee, like a lawyer or bank, handle these jobs. This is especially true if:

• There's a lot of money or property to take care of

• There are many people who will receive things from the trust

• The rules of the trust are complicated

Remember: Being a trustee is an important job that helps take care of people and their money. If you're asked to be a trustee, make sure you understand what you need to do and don't be afraid to ask for help!