Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child\u2019s Special Needs Trust. However, some families choose to go with a professional special needs trustee, as they have extensive experience in handling all issues associated with a Special Needs Trust. Before making this decision, families should consider the extensive responsibilities that go along with being a special needs trustee. A special needs trustee is responsible for the following tasks:<\/p>\n
\u2022 Fully understanding the needs of the beneficiary Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child\u2019s Special Needs Trust. However, some families choose to go with a professional…<\/span><\/p>\n
\n\u2022 Comprehending the language and intent of the trust document
\n\u2022 Handling an inventory of trust assets
\n\u2022 Collecting income and managing all trust assets
\n\u2022 Maintaining excellent records of all financial transactions
\n\u2022 Obtaining the proper IRS tax registration for the trust
\n\u2022 Filing both state and federal fiduciary income tax returns
\n\u2022 Establishing different accounts to manage the trust assets
\n\u2022 Arranging for (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"