Question

Which of the following is not a duty of a trustee upon termination of an account?

a. Determine distribution provisions in the governing instrument.
b. Determine if there is a co-fiduciary appointed.
c. Determine if there is any tax liability for which the account is responsible.
d. Determine the fair market value (FMV) of all assets held in the account.

Answer 1

The duty of a trustee upon termination of an account does not include determining the fair market value of all assets held in the account. So, the correct answer is option d.

Step-by-step explanation:

The duty of a trustee upon termination of an account is to determine distribution provisions in the governing instrument, determine if there is a co-fiduciary appointed, determine if there is any tax liability for which the account is responsible, and determine the fair market value (FMV) of all assets held in the account. Therefore, determine the fair market value (FMV) of all assets held in the account is not a duty of a trustee upon termination of an account.

So, the correct answer is option d.