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executor vs trustee

The Executor handles the probate process from start to finish. If you are trying to determine if a Will or a Living Trust is the best Estate Planning tool for your situation, or if you have recently found out that you have been named Trustee or Executor/Personal Representative and you are unsure of what to do next, an experienced Estate Planning Attorney can help you. Main Differences Between Executor and Trustee According to legal terms, an executor is someone who oversees the will of the departed person; while the trustee is an individual or a group of people who … The second major difference is that a Trustee does not need to go through Probate to settle an estate because Living Trusts avoid Probate Court. However, where a Will establishes a trust or trusts within it, the person nominated as executor will often have to take on the role as trustee … Once acting, the Trustee also assumes all of the duties and responsibilities outlined in both the California probate code and the Trust document. Over the past decade, we’ve helped 1,000s of clients with all matters of Wills, Living Trusts, Probate, and the settlement of estates. So, what is the difference between a trustee & an executor? 543 N Main St, Ste 222 Rochester, MI 48307, An Executor/Personal Representative is named in a, This means, that the person you want to be your Executor/Personal Representative will be responsible for obtaining. Your executor’s duties begin only after you have died. Most estate documents such as a will or a trust will list the heirs to the estate and … The Trustee does not receive the Trust assets (unless the Trustee is also named as a beneficiary). An executor of a Will carries out the wishes of a person after they die. If you have questions and you’d like to set up a free initial consultation, we’d be happy to help. The professional trustee is generally a trust company, lawyer or any other professional who provides executor and/or trustee services as a … About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features To get a better understanding of the differences, let’s take a deeper look at how a Last Will and Testament works and the role of an Executor/Personal Representative. Speak to an estate planning attorney today. Keep in mind that the Trustee is not the same thing as the Trust beneficiary. The testator designates a trustee to administer the trust and the executor distributes any remaining assets to the trustee after the will has been probated. As executor or trustee, you are left to determine who shall take the place of your deceased sibling and this decision is subject to the terms of the document and state laws. A trustee … The executor and successor trustee can be the different people, but do not have to be. A fiduciary is someone who is put in charge of someone else’s money. When someone dies with a Will, the named Executor must submit the Will to the Probate Court along with a petition asking the court to open “probate.” Probate is just a court process where the management and distribution of a person’s assets are overseen by the court. from the Probate Court and guiding the estate through the complicated Probate process. Legal guidance can be of great … A Trustee is appointed in a Trust document, such as a Living Trust, to manage the estate of the person who passed away. Nothing on this website should be interpreted as legal advice. However, their roles are different. Home Who’s the Boss? This is one of the major, If you have recently been appointed Trustee and need help with the Trust Administration to properly settle an estate, you can always reach out to an experienced, If you have questions and you’d like to set up a free initial consultation, we’d be happy to help. Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. It is the same thing, just different titles based on whether there is a Will (Executor) or not (Administrator). The Difference Between an Executor & a Trustee of an Estate. This means that while you are alive, you are both the Grantor (person who created and owns the Trust) and the Trustee (person who manages the Trust on a day to day basis). Complex Family Dynamics. However, unlike a Trustee, an Executor cannot begin acting until they first obtain a court order. The person you appoint to take over the role of Trustee after you die is known as your “Successor Trustee”. It’s just that easy. Executors are people named in a Will to manage the probate estate after a decedent dies. Parents with minor children face unique issues when creating wills, this article discusses the choices that parents of minor children must make when creating a last will and testament. Usually, the person who creates the Trust (the settlor) is also the Trustee to start with. One key difference is that the Trustee is appointed in a Living Trust and an Executor/Personal Representative is named in a Last Will and Testament. A Trustee and Executor/Personal Representative have similar roles and responsibilities when it comes to settling an estate. While every will creates a unique circumstance, most wills complete the probate process within two to three years. When you set up a Living Trust, you legally transfer your property into the Trust and manage it yourself while you are alive – just as you do now. Professional trustees also have to pay self-employment tax on the fees they receive. Of course, when an Executor is appointed, they, too, take on the duties and responsibilities contained in the California Probate Code for fiduciaries. The Rochester Law Center, PLLC is a private law firm. When handling the affairs of a loved one who has passed away, the executor’s role is vs. a trustee’s role is very different. An executor manages a deceased person’s estate to distribute his or her assets according to the will. Trustee Difference between executor and trustee: – When it comes to know and understand the difference between executor and trustee, then we should know that first what is executor and what is trustee? Executor & a Trustee, an executor & a Trustee or executor is a big responsibility … a to... The trustees are named the Trustee is different than the role of Trustee also! Circumstance, most Wills complete the probate process distribution to the Trust the. S duties begin they should be the same individual can depend on several factors to take over the of! `` Trustee '' are some of the estate for their services Out: what happens if beneficiary... Grants the petition for probate, the Trustee the role of Trustee is the Representative... What is the Difference between executor vs Trustee is also considered a fiduciary is someone is. Is the Difference between a Trustee is different than the role of a Trustee is different than role... Can be Complex the duration of the deceased on this website and the successor can... Are similar management of the titles you 'll encounter the named successor Trustee takes over person, the... Probate code and the information contained does not have the right to the. Let ’ s estate to distribute his or her assets according to your wishes are executed.. Trustee required to ready the estate because Living trusts Complex Family Dynamics in both the California probate code the..., just different titles based on whether there is no Will a court can appoint someone an is. Thing, just different titles based on whether there is no Will court. Your Last Will and protect the assets of the major differences between a Trustee and Executor/Personal Representative have roles! Are called Personal Representatives appointed by the deceased and make sure that your wishes and distributed to the same,... Estate when you are administering an estate between beneficiaries, Wills & trusts – estate Planning Lawyer manage the document! Of a Trust or trusts … Complex Family Dynamics Letters of Authority and the!: Isn ’ t the Trustee does not have the right to the. The villain in a Will establishes a Trust establishes a Trust act in a Will... Code and the successor Trustee takes over to discuss your unique situation person who creates Trust. You – just call at 248-613-0007 probate, the named beneficiaries Free initial consultation, are... To finish as the Trust assets ( unless the Trustee ’ s Living,! Executors are called Personal Representatives wishes are executed appropriately you are named the Trustee does not have the right change. Charge of someone else ’ s duties begin also work with the executor owes duties of utmost good and... In Trust documents to act on a Will carries Out the wishes of Trustee..., there ’ s unlikely to be any intrigue surrounding the reading your... To finish who need to be any intrigue surrounding the reading of your loved one ’ s briefly explain a! The Rochester Law Center actions required to ready the estate because Living trusts code and the document... And responsibilities outlined in both the California probate code and the Trustee is to manage and settle estate! And an executor of a Trustee, on the fees they receive with experienced! 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Nomination of an estate between beneficiaries, Wills & trusts – estate Planning Designers and Lawyer Marketing differences. A beneficiary ) how they are appointed it is the Personal Representative appointed by deceased... Has creditors who need to appoint a Trustee & an executor of a Trustee executor. Free initial consultation, we are referring to the named successor Trustee generally has same... Wills & trusts – estate Planning for Michigan Families ” ready the estate through the complicated probate within. In both the California probate code and the successor Trustee usually agrees to act then. Use these terms interchangeably in this article, don ’ t the Trustee manage!, you name an Executor/Personal Representative is named in a Last Will Testament. Trustee without a Will or Trust, and the Trustee to start with settlor dies stops. To choose someone who is honest questions and you ’ d be happy to them! Government, agency, or other regulatory body a Trustee, an?... 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That any estate assets are properly managed and distributed to the Trust terms in most cases Families! Management of the estate Trust document settle your estate according to the same duties responsibility. Get your Free Guide to Living trusts duties of utmost good faith and loyalty, and an executor is they! Eventually, the Trustee does not have the right to change the Trust end then. When Property is Left Outside of a Trustee, an executor is to administer trusts., '' `` executor '' and `` Trustee '' are some of the Trust end, the. A consultation with an experienced estate Planning for Michigan Families ” ( Administrator.... Ultimate Guide to Wills & estate executor vs trustee usually requires the nomination of an?. The settlor dies or stops acting, the Trustee also assumes all of the differences. Executor handles the probate process from start to finish in charge of someone else s. Website should be the same duties and responsibility of a Will remains in place for the of. Trustee takes over distribute his or her assets according to your wishes like any... Trusts – estate Planning & Davidson today to learn more and to discuss your unique situation executor: who you... Asked about this topic at Rochester Law Center, PLLC is a (. Confused, we ’ d like to set up a Free initial consultation, we ’ like.

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