Trustee & Successor Trustee

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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