How much power does the executor of a trust have?
How much power does the executor of a trust have?
If someone leaves a trust, millions of dollars, and a bunch of property to your children, do you get any say in how that's done? The answer is maybe, but it depends on the type of trust. The executor of a trust might be someone you've known for years (like a family friend), or it could be a stranger—a company, or an institution. Most likely, the executor will be in charge of all the property left in the trust and will fulfill the wishes of the person who created it. But there are some situations in which you can demand that the executor do more than just follow the creator's orders.
The executor of a trust has to ensure that the trust's property is distributed in accordance with the wishes of the person who created it, called the grantor. This person can be a parent, an adult child, or just about anyone else. The grantor can give the executor extra powers and duties in addition to distributing trust property as directed, or create multiple co-executors who would share these tasks. The executor's responsibilities include collecting and managing trust property and making sure that beneficiaries receive their shares of it; deciding what property to distribute, when, and to whom; paying debts and taxes; and filing tax returns.
The first step in being appointed the executor of a trust is usually to be named in the document appointing the trust. A "living" will (also known as an advance directive) might name co-executors, but these documents are usually prepared by lawyers—people write trusts for themselves without a lawyer, which means that there may not be an executor at all. If there isn't a specific executor listed in the document creating the trust, someone can petition to be appointed one by providing written notice to everyone who could inherit from the trust after its creator dies. If no one objects within 30 days, they become the executor of a trust.
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
