Trusts are important legal documents that ensure a person’s property, both real and financial, are taken care of upon their death or if they become incapacitated. If you know what a trust is, it’s likely you know what the executor of a trust is too. This is a person who is chosen by the creator of the trust to handle the instructions of the trust when the time comes in Crystal Lake, Illinois.
You will be responsible for managing the assets that are named in the trust by the grantor if you are chosen as an executor. An executor can be the person who created the trust, the grantor’s spouse, the grantor’s adult child, the grantor’s sibling or anyone else he or she deems appropriate for this important legal position.
As the executor of a trust, you are not permitted to mix the assets of the trust with your own assets. You will be required to keep investment accounts, savings accounts and checking accounts separate from your own so none of the money in the trust is used inappropriately.
The executor of the trust must also treat all beneficiaries named by the trust equally. This means you cannot favor one beneficiary over another simply because you like him or her more or have known him or her longer.
It is up to you to keep pristine records when it comes to the trust. You need to hold onto receipts, deposit slips, withdrawal slips, investment documents and more. You will also be responsible for filing tax returns for the trust each year.
Being named as the executor of a trust can seem overwhelming at first, but it’s not that hard of a job. You will only be called upon when the grantor, the person who created the trust, becomes incapacitated or dies in Crystal Lake.