What are the responsibilities of the Trustee(s)?
The Trustee is required to manage the funds prudently, without personal profit; to follow the instructions in the Trust, as well as the applicable laws; and to provide regular reports to the settlor and/or the beneficiary; the State; and sometimes the courts. These responsibilities will be divided between the repository banks and the Arc Community Trust, together with any co-trustee appointed.In addition, for the purpose of these Trusts, the Trustee is expected to manage the funds well but not necessarily to preserve them in all cases. Thus the money should be spent appropriately during the life of the beneficiary. You may leave instructions to that effect if you like.A successor trustee is one who is appointed in case the original trustee can no longer act or is no longer available.
