A Trustee must administer a Trust according to its terms.
Trust have been well established estate planning vehicles for a long time, and their popularity continues to increase, for good reason. One of the primary benefits of trusts is that they aren’t subject to the laws and procedures of probate, but are instead governed primarily according to their own terms. The person tasked with administering the Trust according to its terms is called the Trustee.
Trusts are created for many reasons, but they are almost always used to benefit one or more persons. The trust may contain specific provisions that determine what benefits it can and should provide (education, maintenance, support, etc.). Or a trust may grant the trustee the discretion to provide for the beneficiaries for any purpose they deem fit. Many trusts are created not only to provide for the beneficiaries, but also to achieve tax or estate planning objectives.
Because trusts are usually drafted by attorneys, and contain very specific language designed to work within a minefield of legal and financial rules and regulations, trustees may find it helpful to consult with an attorney. In addition, trusts typically grant the trustee the authority to manage the finances and investments of the trust. If the trustee is inexperienced with investing and money management, then it is wise to consult a financial adviser as well.