A trust is a legal entity that technically owns assets and includes instructions describing who you want managing your affairs and who you want to receive the trust’s assets. But what does it mean to manage the trust’s affairs and how does a trustee go about doing that? The primary thing the trustee managing the trust has to keep in mind is that they have to manage the trust’s assets for the trust beneficiaries and grantor, not for the benefit of his or her own interests. Trustees have to follow any directions and specifications outlined in the trust document, keep stock of every asset held by the trust, have knowledge of all trust insurance policies, and know when and how they are to distribute any trust assets. Trustees can’t mix trust assets with their own personal assets. They can’t be used for the trustee’s benefit, unless that somehow is authorized by the trust. A trustee cannot alter the hierarchy of the trust, as in the trustee cannot favor one person over another unless outlined by the trust. Assets must be invested in a prudent manner; there cannot be overly risky investments that could endanger the trust assets. Accurate records and reports must be kept as well. There are a host of other tasks for trusts as well, including paying off debts, distributing assets as directed by the document, and others depending on the nature of the trust. Even if you hire people to help you with trustee tasks, the trustee is the one ultimately responsible to the beneficiaries for any errors or losses that come as a result of the management of trust assets. Click here to learn more about the duties and responsibilities of a trustee. With trustees ultimately responsible to the beneficiaries trust documents, state law and the courts require trustees to purchase trustee surety bonds to protect the interests of beneficiaries. But where can you easily purchase a Trustee Surety Bond? Colonial Surety offers the direct and digital way to obtain trustee bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your court bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!