There are almost as many types of trusts as there are members with individual family needs and expectations. The one thing they all have in common is the need for a trustee to manage and distribute the trust’s assets in accordance with their directions. , Your trustee is responsible for seeing that the wishes you express in your trust are carried out – and is also responsible to your beneficiaries for proper asset management. Trusts require extensive recordkeeping and tax reporting – also the responsibility of your trustee.