Who is typically responsible for managing a trust?

The correct answer is that the trustee is typically responsible for managing a trust. The trustee is an individual or institution that holds and administers the assets placed in the trust on behalf of the beneficiaries, following the terms set out by the trustor. Their role encompasses a fiduciary duty, meaning they must act in the best interest of the beneficiaries, manage the trust's assets prudently, and ensure that the provisions of the trust are carried out appropriately.

Understanding the roles involved in a trust helps clarify why the other options are not correct. The trustor, also known as the grantor, is the person who creates the trust and defines its terms, but they do not manage it day-to-day. The beneficiary is the person or entity that benefits from the trust, receiving assets or income from it, and does not have a role in its management. The guardian typically refers to someone entrusted with the care of a minor or dependent, which is unrelated to the financial or asset management role of the trustee in a trust arrangement.