Who is responsible for administering my estate or trust?
Your executor is responsible for carrying out the instructions set out in your will. The trustee of a trust established in a will and probate has a similar role, but for a much longer period. Usually, the trustee is in charge until all assets have been distributed. Co-executors or co-trustees can be family members, children, friends, or financial institutions.
Trustees are also typically given some discretion over trust funds and when beneficiaries are to receive distributions.
Executors and trustees have significant responsibilities despite their simple titles. As part of their final tasks, creditors must be paid or negotiated with, beneficiaries must be notified and paid, the final tax return must be filed, and investments need to be managed. These are all important responsibilities.