Trustees are responsible for handling assets held in trust that they themselves act as the legal owner of as a trustee. They handle tax filings for trusts and distribute assets to beneficiaries according to the terms of the trusts. What are some other, more specific guidelines for being a trustee?
Trustees chiefly ensure that trust assets are safe under your control. You have to learn the terms of the trust and act according to those terms. If possible, you also may invest trust assets in a prudent manner to make sure they are preserved for beneficiaries. You may also have discretion according to the trust document as to when to provide beneficiary payments.
Trustees also have a responsibility to communicate with beneficiaries while also preparing any records as needed. You are essentially the source of information on the trust to the beneficiaries. Learn more about trustee responsibilities.
Courts may also require trustees to purchase trustee surety bonds to protect the interests of trust beneficiaries.
Where can you purchase instant trustee bonds?
Colonial Surety offers the direct and digital way to obtain trustee bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!