The essential job of an estate trustee is to manage and distribute (give out) the estate to beneficiaries.
Estate trustees owe a fiduciary obligation to the estate, meaning that they owe the legal obligation of acting in the best interests of the estate. Responsibilities estate trustees hold commonly include:
- Find the will (if any)
- Start the probate process by applying (if needed)
- Make funeral arrangements
- Pay taxes and liabilities, file all taxes, apply for and receive a clearance certificate (it is recommended to hire an accountant!)
- Sell property for the maximum value (get the best price)
- Distribute (give out) the property to the beneficiaries per the will or laws of intestacy and ensure the distribution of the estate is done in a reasonable time frame (typically around one year)
- Keep an accounting (documentation of financial transactions) and provide updates to beneficiaries
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