When a person sets up a trust, selecting the trustees who will manage the assets is a very important consideration. A trustee can be a family member, close friend, or trusted associate. Or, trustees can be financial institutions that offer expertise in handling this type of fund. Assets can include real estate as well as monetary funds. If a parcel of land or a house is included in the trust, trustees may be responsible for the upkeep of the property in addition to making sure all taxes are paid.

Private individuals who act as trustees can be paid for their services if the instructions in the trust deed allow it. Financial institutions charge a fee as a matter of course. In the event that a trustee dies, the successor trustee may be paid a reasonable fee even if the trust does not specifically address this issue. Trustees can also be reimbursed for expenses incurred in administering the trust. If a person no longer wishes to act as trustee, he or she can resign. The steps for resignation may be outlined in the trust or may be based on state regulations.