In a Will, an executor is named and is responsible for carrying out the terms of the Will.
Similarly, a Trust names a Trustee and/or a Successor Trustee. This can be an individual or a corporate fiduciary like Security Federal Savings Bank. The Trustee is responsible for following the terms of the Trust, including many of the following:
- Investment management
- Asset protection
- Accurate & timely accounting
- Collection of income
- Payment of bills
- Property management
- Oversight of filing of all necessary tax returns
- Executing and recording all trust transactions
- Court reporting if required
- Answering questions from beneficiaries
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