ROLES AND RESPONSIBILITIES OF TRUSTEES Each trustee has an…

ROLES AND RESPONSIBILITIES OF TRUSTEES Each trustee has an obligation to educate himself or herself on the duties of a trustee, as well as on the duties of the trust beneficiaries. The trustee's specific duties are as follows: -To be fully aware of the grantor's original purposes in creating the trust and the current purposes of the trust, if these have changed over time -To guide his or her decisions by these purposes -To act so that the actual operation of the trust is empowering to the beneficiaries, within the provisions of the trust -To put mechanisms in place to increase the level of financial awareness of the beneficiaries, and to see that such financial education of the beneficiaries is carried out effectively -To meet at least annually with each beneficiary in order to renew the beneficiary's understanding of the trust, as well as to obtain from each beneficiary full information, financial and otherwise, about his or her personal situation -To educate himself or herself about all beneficiary responsibilities -To evaluate and advise each beneficiary on how well he or she is meeting the roles and responsibilities of a beneficiary -To implement effectively the trust's general policies and procedures as they relate to the following: 1) the trust's investment goals and acceptable risks, 2) the selection and/or provision of investment advice and management to accomplish such investment goals within the given risks, 3) the trust's tax position and the selection of tax services, and 4) the trust's legal position and the selection of legal services

— from True North (Ethics, Integrity, Truth, Values) · Family Wealth: Keeping It In the Family: How Family Members and Their Advisers Preserve Hu

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