When you’re planning your estate, understanding the duties of a trustee under a will is essential to ensure your assets are handled correctly. Whether you’re choosing someone for the role or stepping into it yourself, knowing these responsibilities can make a big difference in protecting a loved one’s legacy. At Lumsden Law, we help Florida families plan with clarity and confidence.
What Is a Trustee in a Will?
A trustee is a person or institution who manages assets placed in a trust—usually outlined within a will. Their role begins after the trust becomes active, often upon the death of the person who created it (the grantor or settlor). Unlike an executor who settles the estate, a trustee manages the trust and oversees long-term distribution of assets.
Key Duties of a Trustee in a Will
A trustee holds a fiduciary duty, meaning they must act in the best interests of the beneficiaries. Here are some core responsibilities:
1. Follow the Trust Terms
The trustee must closely follow the instructions stated in the will or trust document, including how and when to distribute assets.
2. Manage Trust Assets
They handle investments, maintain real estate, file taxes, and track financial records responsibly.
3. Communicate with Beneficiaries
Trustees must keep beneficiaries informed, respond to questions transparently, and provide yearly account summaries.
4. Handle Legal Paperwork
They often collaborate with estate attorneys to complete tax filings, transfer property, and manage legal documents such as Power of Attorney paperwork and an Advanced Living Will, where applicable.
Trustee vs Power of Attorney
Many people confuse the role of a trustee with someone holding a Power of Attorney (POA). A POA allows someone to make financial or medical decisions while the person is still alive. Once the individual passes away, POA authority ends, and the trustee steps in—especially when an Advanced Living Will or trust has already been prepared.
Why Legal Guidance Matters
Taking on the role of trustee can feel overwhelming, especially when dealing with legal and emotional matters. Mistakes can create conflict or even trigger legal issues. That’s why partnering with experienced professionals at Lumsden Law ensures proper administration and full legal compliance.
Need Help Understanding Trustee Duties?
If you’re creating a trust or have been named as a trustee, Lumsden Law is here to guide you. Our team supports you every step of the way—from organizing Power of Attorney paperwork to preparing an Advanced Living Will and fulfilling trustee duties with care and accuracy.
Contact us today to schedule a consultation and protect your family’s future with trusted legal expertise.
Frequently Asked Questions:
1. What is the main role of a trustee in a will?
A trustee is responsible for managing and distributing the assets held in a trust according to the terms outlined in the will, always acting in the best interests of the beneficiaries.
2. How is a trustee different from a Power of Attorney?
A Power of Attorney handles financial or medical decisions during someone’s lifetime, while a trustee manages trust assets after the person has passed away.
3. Can a trustee also be a beneficiary of the will?
Yes, a trustee can also be a beneficiary, but they must still act impartially and in the best interest of all beneficiaries involved.
4. Do I need legal help to carry out trustee duties?
Yes, legal guidance is highly recommended. Firms like Lumsden Law can help navigate trust management, Power of Attorney paperwork, and living will requirements to ensure full compliance.
