The persons responsible for managing the affairs of an estate is known as the trustee. In most cases, a trustee is named in the will of the deceased, and in some cases, there may be more than one trustee included in this legal document to fulfill certain responsibilities.
What does an estate trustee do?
If a named estate trustee decides to act, they become responsible for the following activities:
- Finalizing any financial affairs of the deceased
- Paying the debts, bills, and taxes of the deceased
- Collecting the assets of the estate
- Distributing the estate’s remaining funds to those who are entitled to them
- Paying any owed estate fees
- Contacting the creditors of the deceased and notifying them of the person’s death
Can a trustee be appointed by the court?
The court may appoint a trustee to oversee the affairs of an estate if:
- The deceased person did not leave behind a will
- If there is a will, there is no estate trustee listed
- The estate trustee would like to confirm the validity of their appointment through the court