The duties of the executor of a living trust include deciding whether probate is required after the trust maker dies, deciding who inherits the property listed in the trust, filing the will and establishing an estate bank account, notes Nolo. The executor also pays debts and taxes.Continue Reading
The deceased trust maker's property may be put through the probate process if his property is worth less than a specified amount, according to Nolo. Creditors must be properly notified according to state law if there is to be a probate process. If there is a will in addition to the living trust, the executor uses it to determine who receives the trust maker's property. If there is no will, state law can be used to determine who takes possession of property.
Executors also handle everyday details, such as canceling credit cards and leases, states Nolo. Government agencies and banks should also be notified of the trust maker's passing. Any continuing expenses the trust maker left behind can be taken care of with estate funds. A last income tax return has to be filed after the trust maker's death.
The executor is not required to be a financial or legal expert, notes Nolo. The executor is required to act with good faith on behalf of the trust maker.Learn more about Investing