Final answer:
The trustee is responsible for executing the trustor's wishes as laid out in a trust, ensuring assets are transferred to beneficiaries as intended. A trust is an estate planning tool that becomes irrevocable upon the trustor's death and helps avoid the public and often contested process of probate that a will goes through. Without a trust or will, assets are distributed according to state intestacy laws.
Step-by-step explanation:
The individual carrying out the trustor's wishes is referred to as the trustee. This role is integral within the context of a trust, which is an arrangement that allows for the transfer of assets in a secure and pre-determined manner, thus avoiding probate court. Upon the death of the trustor, the trust typically takes on an irrevocable form, meaning the instructions and asset distributions cannot be altered. The trustee administers the trust according to these set instructions, effectively managing and disbursing assets to the designated beneficiaries.
Contrastingly, which is similar in its intent, is often subject to more scrutiny as its contents are made public during execution—a process which can challenge the valid transfer of assets. If a person dies intestate, meaning without a will or trust, state laws of intestacy dictate the hierarchy in which relatives inherit assets. This demonstrates the importance of having a trust or will in place to ensure one's wishes are cclearly communicated and effectively executed posthumously.