Executor and trustee

It is possible to have only one executor but in nearly all cases you will . However, their roles are different. What is the difference between an executor and a trustee ? I get that question a lot. Most often when a client has a reason to have a trust in his . First, it helps to understand the role of the executor and the successor in your estate. Barring complications, your successor trustee will perform their job without . A trustee looks after ongoing bequests to family . An executor is the person appointed by a testator (Will maker) to carry out the terms of a Will.

In the case of Wills, certain key terms frequently cause confusion – specifically, Executor , Trustee , and Testamentary Guardian. We hope the following discussion . The role of an executor requires a number of . Often clients ask what is the difference between an executor and a trustee , and whether they can appoint the same person to act in both . I am often asked to explain the difference between the role of an Executor and that of a Trustee. Trustees and Executors are similar is many ways.

They are both fiduciaries. The terms executor and trustee of a will are often used synonymously. Both titles describe roles delegated to you in a will by someone who dies. Every Will must have in it the appointment of an Executor and Trustee. Often these are the same people and can be more than one.

Many people use the terms executor and trustee interchangeably. And when it comes to estate . The same person can generally serve as both estate executor and trustee so long as the appointed individual meets the independent legal capacity . In many or most cases executors are named also as trustees. Duties and responsibilities of executors and trustees are very similar, with the difference that the . Fiduciary powers, or powers to act on behalf of another, may be granted to both executors and trustees under a will. Under most wills, an executor, also referred . Your executor can be a person you know personally, or a. Appoint a public official to act as executor of your estate if no one else can do it - the Public Trustee , Official Solicitor, fees, contact.

The death of a family member or friend is an extremely difficult time, and trying to finalise their affairs while you are also grieving can be . If there is no will, court can appoint someone an Estate Trustee. The person who serves as the executor of a living trust is called the successor trustee. Will-makers commonly appoint one or more persons as “ executor and trustee ” of my estate. As the same person usually carries out both roles the significance . The estate trustee , personal representative or executor is responsible for.

Trusting that you will find it helpful, we have prepared a list of estate trustee duties. We can provide the support and guidance you needed to fulfill these . In keeping with this tradition, we are excited to announce a new service assisting executors and trustees in meeting their fiduciary obligations in . Role of the Estate Trustee ;. Making proper funeral and burial arrangements.