Who is responsible for administering the trust?

The trustee is the individual or entity responsible for administering the trust. This role comes with significant duties and responsibilities, including managing the trust’s assets, ensuring that the terms of the trust are followed, and acting in the best interest of the beneficiaries. The trustee must carry out the intentions of the person who created the trust (the grantor or settlor) while adhering to the legal obligations that govern trust management.

In a trust arrangement, the trustee is the appointed fiduciary who has the legal authority to make decisions about the trust property and is accountable for any actions taken concerning that property. This critical position demands a level of expertise in financial management and an understanding of fiduciary duties.

The other roles mentioned have distinct responsibilities: the beneficiary is the recipient of the benefits and income from the trust; the testator is the person who created a will; and the executor is the individual appointed to carry out the terms of a will after the testator's death. While each of these roles is essential in estate planning and management, it is the trustee who specifically oversees and administers the trust.