Responsibilities of a Pet Trustee
The Uniform Trust Code, adopted by a majority of the states since its initial draft inception in 2000, has been the underlying strength of the new growth phase of Pet Trusts.
We have previously minimally defined the role of the Trustee.
Generally speaking, the duties and responsibilities of a Trustee for a Pet Trust are no more or less than any other Trustee.
The Trust Agreement itself will set out the specific role of the Trustee and set the parameters of the powers of the Trustee.
The Uniform Trust Code also defines in detail, the duties and powers of the Trustee that have been accumulated as established by the courts and the legislatures throughout the years.
Beginning with Section 801, DUTY TO ADMINISTER TRUST, which states…
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this [Code].
The Code sets out in great detail the expectations of the Trustee, including definitions and explanations of the needed loyalty and impartiality of the Trustee as well as the accumulation, control and accounting of the Trust property.
Your choice of a Trustee for your Pet Trust, whether an organization or an individual should not be taken lightly. Although their responsibilities are set high and can be closely monitored by your Pet Caretaker, you will be out of the picture and the decisions will be made by someone else
You will no longer have control of the property that you have set aside for the care and protection of your pet.
Chose your Pet Trustee wisely.
What is A Trustee
A Trustee is a person or an organization (i.e. a bank) that holds or manages and invests assets (property or money) that are owned by a Trust Agreement for the benefit of another. The Trustee is legally obliged to protect the assets and distribute them according to the terms of the Trust. The duties and responsibilities of the Trustee are set out in the Trust Agreement and many states have statutes that also govern the activities of the Trustee. The Trustee may or may not be entitled to a payment for their services, depending upon the Trust language.
What is a Trust
A trust is a document you can create to have someone else manage some or all of your property during your lifetime or after your death. This document is called a trust agreement and the person you appoint as the manager of the property is called a trustee. The person who creates the trust is called the settlor, donor, grantor, or trustor (they all mean the same thing). The trustee can invest and manage the trust property for your benefit or for the benefit of another that you appoint in the trust. Whoever receives the benefit of the trust is called a beneficiary. In the trust you can set out the specific powers, responsibilities and duties of the trustee and they are obligated to follow these guidelines.
