Which party is typically responsible for managing a trust?

The party typically responsible for managing a trust is the trustee. The trustee is appointed to administer the trust according to the terms specified by the trust document. This includes managing the trust assets, making investment decisions, and distributing income or principal to the beneficiaries as outlined in the trust. The trustee has a fiduciary duty to act in the best interests of the beneficiaries, meaning they must manage the trust prudently and transparently.

In contrast, the executor is responsible for managing a decedent's estate after their death, not a trust. Beneficiaries are the individuals or entities that benefit from the trust and do not have management responsibilities. An attorney may assist in drafting trust documents or providing legal advice, but they do not manage the trust itself unless specifically appointed as a trustee. Understanding these roles is crucial when navigating trusts and estate planning, as each party has distinct responsibilities and functions within the overall framework.