A trustee of a revocable living trust is responsible for managing and administering the trust’s assets during the grantor’s lifetime, according to the terms of the trust document. The trustee is typically appointed by the grantor (who is the person that created the trust) and may also be the grantor themselves.
The trustee’s duties can include:
1. Managing trust assets: The trustee must manage the assets held in the trust, such as investments, real estate, and other property, in accordance with the trust document and applicable laws.
2. Making distributions: The trustee may be responsible for making distributions of income and principal from the trust to the beneficiaries, as directed by the trust document.
3. Paying bills and expenses: The trustee is responsible for paying the bills and expenses related to the trust, such as taxes, legal fees, and other expenses.
4. Keeping accurate records: The trustee must maintain accurate records of all transactions and activities related to the trust.
5. Communicating with beneficiaries: The trustee must communicate with the beneficiaries of the trust and keep them informed about the trust’s activities and performance.
It’s important to note that the revocable living trust can be changed or terminated by the grantor at any time during his/her lifetime; which means that the trustee’s role may end if the trust is revoked or terminated.
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