Executor of Trust

A relative has just passed away. He has a type written
Living Trust. He has 6 amendments that are hand
written. On the last amendment he states he wants
to make me executor of his Living Trust. His wife
is still alive and she is the Trustee.
In the state of Illinois what are the responsibilities
of the executor of a Living Trust?

The person who executes and runs a living trust is called the trustee. 'Executor' is the term used for the person who carries out the terms of a Will.

The trustee collects, inventories, invests, and othberwise deals with the assets of the trust as provided for by the trust terms. Depending on the terms of the trust and will, the trustee may also pay estate administration expenses and debts of the decedent. Arranging for the preparation of applicable tax returns is another responsibility. And finally, the trustee either distributes to the beneficiaries as provided in the trust or holds them in trust as may be provided in the trust.

The key is to read the trust (and amendments) very carefully and discover and determine all trust assets.

If the last amendment that you reference is valid and truly does name you as (successor) trustee, you should probably notify the wife and the institutions holding trust accounts. Also, it may be in fact that you are a co-trustee with wife - again, read the trust and amndments very carefully.

If you are in the Chicagoland area and are interested in representation for this matter, feel free to give me call.

Jeffrey R. Gottlieb
http://www.illinoisestateplan.com