This chart is a generalized presentation of some of the more common duties and responsibilities of a trustee. It is not intended to be exhaustive or technical. The specific details of a trustee's duties and responsibilities often vary from state to state, but the chart is not intended to cover these in depth. Furthermore, many of the steps that a trustee must take in administering a trust depend on the provisions of the trust agreement or will and the compositions of the assets comprising the trust.

The Trustee:

• Accepts the trusteeship and assumes control of trust assets

• Performs initial administrative functions

• Adheres strictly to the code of trust ethics

• Has important investment duties

• Exercises powers wisely and prudently

• Has financial duties to beneficiaries

• Is responsible for matters of taxation

• Distributes the trust assets when the trust terminates