A living trust, also called a revocable trust, is a legal document specifying to whom and how an individual's property and assets are to be distributed after death. An executor, usually called a trustee, is responsible for administering all property and assets in accordance with the specifications of the trust.
Assembling Assets
A trustee is responsible for collecting all assets of an estate. This may include insurance policies, property deeds, and banking accounts, among other items.
Managing Assets
A trustee must successfully manage all assets within a trust. This may include investing them for growth, for the benefit of the beneficiaries.
Administering the Trust
An estate must be administered exactly as specified within the trust. The trustee ensures that this accordance is maintained.
Read More: Enforcing a Trust
Record Keeping
A trustee must diligently keep accurate records pertaining to all transactions made by the estate.
Consulting Specialists
Specialists such as accountants, attorneys and other professionals may be consulted by the trustee as needed to successfully administer the trust.