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What is the role of a trustee?

A trustee is a person legally appointed to control the administration of all properties, or a legal custodian of a specified property like a pension trustee. A trustee can be either a person, like an attorney, a business entity, for example, a bank or a trusted company, or even a public body. A legal document must bind the trustee to the principal.

Other obligations of a trustee include Financial Management through the investment of trusted property and assets. They also handle record-keeping bookkeeping and accounting for the trust activities. Trustees hire and oversee activities carried out by individual service providers such as professional investment managers who make the day-to-day investment decisions.

They ensure timely filing of tax returns and reporting all the incomes that have been earned, whether it's dividends, capital gains or interests. Trustees must ensure they communicate all happenings with trust beneficiaries and ensure sustainability during the property distribution by looking at present and prospects.

When to choose a Special Needs Trustee?

A special needs trustee handles the legal arrangements to cater to either a physically or mentally disabled or a chronically ill beneficiary. He or she carries out all the duties of a trustee plus other added responsibilities due to the trust beneficiary's individual needs. A special needs trustee must inquire about the needs and well-being of the trust beneficiary, work with family members, social workers, teachers, and anyone else relevant to supporting the trust beneficiary.

The Special Needs Trustee must also report to the agencies that administer trustee programs on the beneficiary's best interests.

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