The term executed trust refers to an agreement in which there is no remaining items to attend to other than the trustee fulfilling their fiduciary duties to beneficiaries. An executed trust is one in which the settlor, or donor, has clearly outlined the trustee's responsibilities to the beneficiaries.
Also referred to as a perfected trust and constituted trust, an executed trust is any agreement that requires no further action on behalf of the donor / settlor or trustee. This means there is no ambiguity as to the donor's instructions, the trust's beneficiaries, or the assets placed into the trust. At this point, the trustee has a fiduciary responsibility to protect the assets placed in the trust and must fulfill the donor's instructions with respect to their obligation to beneficiaries too.
An executed trust is in contrast to an executory trust, which requires additional attention of the trustee before it is believed to be perfected.