What is a common duty of an estate trustee when managing the estate?

A common duty of an estate trustee is to ensure that all creditors are paid. This responsibility is essential because the estate trustee acts as the legal representative of the deceased and is tasked with managing the estate's affairs in accordance with the law. Before distributing any assets to beneficiaries, the trustee must identify all debts and obligations of the estate. This includes paying off any valid claims from creditors, ensuring that the estate is settled properly and in compliance with legal requirements.

Paying creditors also protects the trustee from personal liability that could arise if debts are overlooked or not settled appropriately. The trustee must assess the estate's assets to determine how much can be allocated for paying debts and ensure that the remaining assets can be distributed to beneficiaries only after all obligations have been addressed. This system helps maintain the integrity of the estate administration process, fostering transparency and fairness among all parties involved.

While options like transferring wealth before the estate closes or closing the estate within a year might seem relevant, they do not reflect the fundamental duties that prioritize the payment of creditors. Selling all property immediately is also incorrect, as the trustee must assess the estate's assets carefully and manage sales according to the best interests of the estate and its beneficiaries, rather than hastily selling without due consideration.