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Once the Trust is established, the Trustees legally own the assets held in the Trust. They are required to handle the assets as predetermined by the grantor, manage the Trust, and pay any taxes due. Trustees are also responsible for investing or deciding how to use assets on behalf of the best interests of the beneficiaries.

Trustees are paid for their services because of the amount of work involved in managing a Trust along with the threat of potential liability if assets are mismanaged. How much a Trustee is to be paid should always be agreed upon in advance.

When appointing a Trustee, be sure that the individual or corporate entity will agree to serve as a Trustee and can and will comply with the terms of the Trust. Because there is generally such a high standard of duty and liability imposed on Trustees, you may choose to use the services of a Corporate Trustee. The selected company should be checked out to verify its ability to perform the task in hand as well as its respectability and whether it is likely to be around in the long term.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.