One of the most important financial duties of a Trustee is to take control of all Trust assets and act to preserve those assets from loss. This can mean different things in different situations. For example, if you take over a Trust with a volatile stock portfolio, you may have a duty to sell the risky stuff quickly and preserve what is there for the beneficiaries.
When it comes to real estate, you have a duty to secure the property, purchase insurance, and either make the real property productive by renting it, or sell it for the fair-market-value.
And the list goes on and on depending on the assets involved and the problems encountered. The one consistent in administering Trusts is that nothing is ever consistent. Each Trust presents its own problems and roadblocks. The key, however, to living up to this duty is to take the risk out of the equation. Just because the Settlor invested in risky assets does not mean you are allowed to do so as Trustee. Or just because the Settlor allowed a house to sit vacant with no renters and no insurance does not mean you can do the same.
As Trustee you have an affirmative duty to act to protect and preserve Trust assets. You have to lock up the Trust property and keep it safe until the time comes to give it out to the beneficiaries.
The best approach is to gain control of all Trust assets, and then confer with a financial professional to determine the best way in which to invest or hold the assets until time of distribution. For some Trusts, the time to distribute comes quickly, for others it comes later. Either way, a proper plan is required to ensure the assets are preserved for their ultimate owners—the beneficiaries.