If you have a loved one who is currently serving as the executor of a parent’s estate and both of those parents have now passed away and a trust is established, you may have questions about the powers of the trustee when it comes to selling property. If a person is serving as both executor and trustee of an estate, that means this individual is equipped with responsibility for the property placed inside the parent’s trust and estate.
The person serving in either one of these roles is the primary decisionmaker interpreting the will and the trust. This means that most of the choices about what happens to the property is designated in advance by the document creator, but that the executor or trustee still has a lot of say in what happens to individual pieces of property as far as converting them. While this might come as a surprise to other beneficiaries, this is how the role of executor or trustee works.
Unless there is a will that imposes a different restriction, the person appointed in this role is responsible for determining the distribution of assets and this can be as cash or as the assets currently are.
This often comes up with investment holdings and real estate property, and many trustees choose to go the route of liquidating all of the holdings and distributing the cash, particularly when it comes to real estate concerns, otherwise heirs would be responsible for managing it together which is a real challenge and rarely in anyone’s best interests.
To learn more about the duties associated with being an executor or trustee in MD and how you should carefully choose the executor for your own estate, schedule a consultation with a trusted estate planning attorney in MD to begin this process for yourself.