Trustee of a Trust FAQs What is a trustee? A trustee is a person who is in charge of managing a trust. They are responsible for managing trust assets and complying with all applicable laws. What are the duties and responsibilities of a trustee? The duties and responsibilities of a trustee include fiduciary duties, recordkeeping, and managing assets and properties. How do you appoint your trustee? A trustee is usually appointed by a grantor after establishing a trust. However, in certain cases, such as the death of the initial trustee, their successor may be assigned by a probate court. How does a trustee differ from an executor? Trustees are responsible for managing trust assets and complying with all applicable laws. In contrast, executors are in charge of managing an estate only after someone has passed away. They are responsible for distributing assets to beneficiaries and handling the probate process. How do you calculate trust fees? The typical fee of a trustee tends to be between 1% to 2% of the trust's value. Some states have set a maximum percentage that a trustee can charge. You can also negotiate the fee with the trustee when appointing them. In some instances, it may be possible to pay the trustee an hourly rate instead of a percentage-based rate. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.