Date of Award

Fall 1966

Degree Type

Master's Essay - Restricted

Degree Name

Master of Arts (MA)

Department

Business Administration

First Advisor

Launstein, Howard C.

Abstract

The duties and the responsibilities of the trustee are not provided in their entirety at any one source to guide the trustee in the State of Wisconsin. There is no single and complete source of information concerning the administration of a trust in this state. This study is intended to determine the nature and the extent of the duties and responsibilities of the trustee. In order to accomplish this purpose, research was made in Wisconsin Statutes and tax law, the United States Treasury regulations, and other sources such as books and manuals pertaining to trusteeship. Data was obtained by means of a Questionnaire directed to trust administrators actively engaged in trust work. Probate records were examined, to ascertain the nature and quality of trust administration, as reported to the County Courts of Fond du Lac and Green Lake Counties in Wisconsin. The findings of the study indicate that a high degree of managerial ability and high level of personal integrity are required of the trustee. There are many varied duties that the trustee must perform, requiring detailed organization and coordinated effort and timing. There is potential liability present in trust administration, and the trustee is held accountable for any breach of trust he may commit. There is a need for an improved and standardized report form. A trust operating manual is needed for the trustee in Wisconsin. A trust consulting service, and service by a computer center would be beneficial to the trustee. The acceptance of a trust should be approached with caution, and the acceptance of appointment only after thorough investigation of the duties and responsibilities of the trustee.

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