A trustee is responsible for carrying out the terms of the trust as set forth in the trust document. The trustee must make decisions that are in the best interest of the beneficiaries of the trust. Some of the duties of a trustee may be funding the trust with assets, safeguarding assets, distributing assets as set forth in the trust agreement, invest the assets in accordance with the Prudent Investor Rule (as set forth in the Probate Code), send reports to beneficiaries and filling income tax returns.
A conservator has the same responsibilities as a trustee but is appointed by the probate court and their actions are supervised by the probate court.
Agent under Power of Attorney
A power of attorney grants the agent the power to conduct business for the principal. The power of attorney can be broad (allowing the agent to conduct all of the principal’s financial business) or limited in scope to a particular part of the principal’s life. The power of attorney can also be durable (it is still in force when the principal becomes incapacitated) or springing (only becomes effective when the principal is incapacitated).
An executor is responsible for carrying out the wishes of a deceased person as set forth in their will.