Dana Law Firm > Practice Areas > Trust Administration
Trust Administration
A Trustee acts in a fiduciary
capacity in the administration of a Trust.
As such, the Trustee owes certain legal duties
to the beneficiaries. Your basic duties as
Trustee involve the collection, management
and investment of Trust assets and the accumulation
and distribution of income and principal pursuant
to the Trust Agreement. Another important set
of duties relates to tax matters. The principal
source of your Trustee powers is the Trust
Agreement itself. You should therefore read
the Trust Agreement carefully. You have a duty
to administer the Trust solely in the interest
of the beneficiaries and to deal impartially
with them. If you exceed your Trustee powers,
you may be held liable for loss or damage to
the Trust Estate. You must carry out all Trustee
activities personally. In other words, you
may not delegate your responsibilities to others.
However, you may hire attorneys, accountants,
investment advisors, and others to consult
with you concerning your administration of
the Trust, and you may pay such advisors from
the assets of the Trust. Our firm can assist
you in your fiduciary duties as Trustee, and
advise you on administering the Trust according
to the Trust Agreement.
