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Responsibilities of the Trustee


In the state of Colorado, trustees hold a variety of responsibilities outlined by state laws and those determined by trust documents. Because Colorado is a Uniform Trust Code State, trustees have a duty to report to beneficiaries of the trust and is expected to act in the best interest of all beneficiaries. These duties include:


· Duty to promote the interest of the trust and its beneficiaries


· Duty to accurately account for the trust’s holdings


· Duty to pay taxes on behalf of the trust


· Duty to comply with the terms of the trust


· Duty to separately maintain the trust’s holdings


With this, it is important to hire a probate attorney to assist trustees with the Trust Administration process to ensure that the trustee is following all the primary duties of a trustee outlined by Colorado law.


By Legal Assistant Hannah Bingaman

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https://www.bloomberg.com/news/features/2021-02-17/at-93-she-waged-war-on-jpmorgan-and-two-financial-advisors-her-grandsons?utm_campaign=news&utm_medium=bd&utm_source=applenews

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