What Is a Trustee?
Being named a trustee is both an honor and a serious responsibility. Whether you step into the role after someone’s death or during their incapacity, your job is to manage, protect, and distribute trust assets according to the trust document and the law. Many people confuse the role of a trustee with that of an executor, but they are not the same—and understanding the difference is essential. This is one of the first steps in preparing for estate planning.
Trustee vs. Executor: What’s the Difference?
A trustee manages the money and property owned by a trust. An executor manages and distributes assets through a will when there is no trust or when a pour‑over will is involved.
When someone creates a revocable living trust, they often name themselves as the initial trustee. This allows them to maintain control over their assets during life. A successor trustee steps in when the grantor becomes incapacitated, dies, or voluntarily hands over management.
What is a Trustee? Key Responsibilities of a Trustee
As trustee, you may be responsible for:
- Locating estate planning documents that give you authority to act
- Gathering important records (insurance policies, deeds, titles, account statements, tax returns)
- Meeting with the professional advisor team (estate planning attorney, CPA, financial advisor)
- Creating a list of debts, creditors, and ongoing expenses
- Identifying beneficiaries and determining required notices
- Preparing an inventory of trust property and valuables
- Protecting trust assets from loss, damage, or misuse
- Maintaining accurate trust accounting—every deposit, expense, and transfer
Legal Duties Every Trustee Must Follow
Trustees are held to high legal standards. These duties include:
1. Duty to Administer the Trust
You must follow the terms of the trust document and act in good faith.
2. Duty of Loyalty
You must act solely in the best interests of the beneficiaries.
3. Duty of Impartiality
When multiple beneficiaries exist, you must avoid favoritism—even if “impartial” does not mean “equal.”
4. Duty to Protect Trust Property
This includes securing real property, safeguarding valuables, and notifying financial institutions of your authority. Superior Court of California provides information on trusts.
You Don’t Have to Do It Alone
Serving as a trustee can feel overwhelming. The good news: you can hire professionals to guide you. A trust administration attorney, CPA, financial advisor, and insurance agent can help you avoid costly mistakes. Trustees can be held personally liable for breaching their duties, so getting help is not optional—it’s wise.
Call to Action
If you’ve been named a trustee—or you’re choosing one for your own estate plan—don’t navigate the process alone. I can help you understand your responsibilities and protect your loved ones. Contact me to schedule a consultation.
Francine D. Ward
Attorney-at-Law, Author, Speaker
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