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What are the duties of a trustee in Missouri?
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This article discusses five duties of trustees (not a complete list by the way) for trustees in Missouri: #1 A TRUSTEE MUST READ THE TRUST . A common answer to the question from a trustee asking “Can I do this?” is for the attorney to reply, “Well, what does the trust say?”
- The Duties and Powers of a Trustee • Legacy Law Missouri
Q: What are the basic responsibilities of the trustee? A:...
- The Duties and Powers of a Trustee • Legacy Law Missouri
A trust instrument may provide for one or more persons, not then serving as a trustee and not the settlor or a beneficiary, to be given any powers over the trust as expressly granted in the trust instrument. Any such person may be identified and appointed as a trust protector or similar term.
Feb 13, 2019 · Q: What are the basic responsibilities of the trustee? A: The trustee is to safeguard, collect, and manage trust assets. The trustee is to also file the trustor’s tax returns and pay any dues from the trust funds directly.
The trustee’s ongoing duties include: Proper management of the trust assets. This includes monitoring investments and making changes as needed. Collect income and dividends from assets and handle them as instructed, such as by disbursing them to beneficiaries or reinvesting them.
Trustee: A person or institution holding and administering property in trust. United States: includes such district and territories. See Missouri Laws 1.020; Venue: The geographical location in which a case is tried.
TRUSTEE'S POWERS, DUTIES AND LIABILITIES. Section 456.035 Evidence as to death or status--five-year absence presumption of death. Section 456.037 Trust property--when deemed unclaimed. Section 456.039 Procedure by trustee with respect to unclaimed property.
Except as otherwise provided in the terms of the trust, sections 456.1-101 to 456.11-1106 govern the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
