Selecting a Trust Executor

A trust is an important legal document that many people create during their lifetime but is not as vital of a document as wills are. Wills detail how a person wants their property and money divided between their heirs once they pass away while a trust holds a piece of property or money for the benefit of a beneficiary of that trust. Both wills and trusts have executors and beneficiaries, which the trustor will need to name when drafting the document. The executor is responsible for executing the trust by following all of the directions outlined by the document. The beneficiaries are the people named by the trustor who will receive the property or money in the trust.

How to Choose the Executor

It is not an easy process to choose the executor of a trust and the decision should not be made in haste. Instead, the decision should be made with the counsel of an trust attorney. The executor should be someone you know well, someone you trust, and someone you rely on, someone who is responsible for his or her actions, someone who has the best interests of your beneficiaries at heart, and someone who also knows your beneficiaries. The executor should not be someone you have just met, someone you do not trust, someone you consider an acquaintance or someone with legal troubles.

The Executor’s Duties

The executor’s duties are as follows:

• Obtaining a copy of the trust
• Determining if any family members have an immediate financial need
• Arranging the funeral of the trustor
• Pay taxes of trust
• Pay debts of trust
• Pay expenses of trust
• Have property evaluated and secured properly
• Cancel any memberships of the trustor
• Prepare and file the final income tax return of the trustor
• Settle all claims and debts
• Discharging any bank or private loans
• Deliver property which was bequeathed to heirs
• Distribute assets to beneficiaries
• Prepare an account of the trust and submit it to the beneficiaries

How to Execute the Trust

To execute a trust one should follow the steps listed below:

• Obtain an affidavit
• Identify the property held in a trust
• Notify the heirs and the beneficiaries of the trust
• Appraise valuable property
• Pay debts and expenses
• Transfer property
• Close the trust

Obtaining Legal Help

If you or a loved one is considering creating a trust and needs to choose an executor, contact a inheritance and wills attorney immediately for expert legal counsel regarding your situation. The attorney will be able to answer all of your questions, draft the trust, choose an executor, and legalize the document. On the other hand, if you or a loved one has been named the executor of a trust, contact an attorney for information about your duties and other responsibilities.