Can a trustee withdraw money from a trust account?

Yes, a trustee can withdraw money from a trust account, but only under specific conditions outlined in the trust agreement. The trustee has a fiduciary duty to manage trust assets in the best interest of the beneficiaries. Withdrawals are typically allowed in the following cases:

• Payments to Beneficiaries: Distributing funds to beneficiaries as specified in the trust.
• Trust Management Expenses: Covering trust-related expenses such as taxes, maintenance, and administrative costs.
• Investment Purposes: Reallocating funds for investments within the trust’s scope.

Moreover, the trustee should not violate the terms of the trust. They must keep proper books and records of all withdrawals and report the same when required. Unauthorized withdrawals for personal purposes may lead to legal action against them, which includes repayment of the amount and even removal from the post.

Let One Pacific Trust help you manage the trust assets professionally and see that all fiduciary responsibilities are appropriately discharged.