The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.
What is the difference between an executor and a successor trustee?
The role of a trustee is different than the role of an estate executor. An executor manages a deceased person’s estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. The beneficiaries are the recipients of the trust’s assets.
What does a successor trustee do after death?
Your successor trustee is responsible for settling your trust or continuing to manage it for you after your death. The exact duties would depend on the terms you set for your trust in its formation documents. These documents are called the trust agreement.
What are the duties of a revocable trust after death?
If the grantor of the revocable trust requires that the trustee continue to administer the trust after her death, the trustee continues to have an unconditional obligation to protect and control trust assets. However, the duty to protect trust assets only requires that the trustee act reasonably.
What are the duties and responsibilities of a trustee?
Inform the family of your position and offer to assist with the funeral. Read the trust document and look for specific instructions. Notify a co-trustee as soon as possible. Make an appointment with an attorney to go over the trust document, trust assets and your responsibilities as soon as possible.
What happens to a trust when the grantor dies?
Once the grantor dies, the trust becomes irrevocable and cannot be changed. In this case, if the grantor is dead and there is no one to serve as trustee, once again the court will appoint a successor trustee to carry out the administration of the trust. Likewise, the court may choose a spouse or relative, but it is not required.
