executor vs trustee

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They are both fiduciaries. You should consult an attorney for advice about your specific legal matter. Trustee vs. A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate.

The term “Executor” comes from the Executor’s responsibility to “execute”, or carry out and follow through on, the wishes and intentions of the Will-maker. Consult with an estate planning attorney to find out if yours is one of them. Executor vs Trustee. Similarly, sometimes court and various financial institutions also may want to manage people’s assets through an independent party for a certain period.Executors and Trustees are a group of people who handle this challenging task.

It eliminates the need for communication and the potential for misunderstandings between two people because one person is handling the whole process.

During this period he should build communication with other governmental agencies and inform everyone about the death of the person.It is one of the prime duties of the executor to clear all due payments and taxes of the deceased person. Naming the same person as the executor of your estate and the For example, your executor must be related to you by blood or marriage to legally serve if you live in or own real estate in Florida. Trustees are responsible for administering a trust to the beneficiaries according to a legal agreement, whereas Executors distribute a deceased person’s assets according to a will.


A trustee is the person who becomes in charge of the affairs of this trust, and he is not required to obtain permission from the probate court as the property of the trust is not considered to be the property of the estate of the deceased. But someone has to take over this role if you can no longer manage your own affairs. Executors must obtain a court order to act on a will. The feminine form of the word “Executor” is “Executrix”. 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 of those trusts. Making a will before one passes away is a very wise decision as it ensures that one’s assets are managed and distributed according to the provisions of the will and there is no room for a dispute between heirs of the deceased person. We are here for you. Naming the same individual also streamlines the probate process.

A person can be both an executor and a trustee of a testamentary trust. Generally, anyone can appoint his executor before his death. 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.By the way, when a person dies without a Will their probate estate can still be opened, but the person appointed to manage the estate is called an Administrator rather than an Executor.

Executors must obtain a court order to Trustees are named in Trust documents to act when the original Trustee(s) dies or stops acting.

This means that the role of executor and successor trustee can be held by the same or different people. The executor will report everything they've done to the probate court judge and receive permission to distribute your remaining estate to the

Assets held in a revocable living trust don't require probate to move to a living beneficiary.

Many actions would require cooperation between the two of them. The joint trustee/executor then manages all of your assets, works with your beneficiaries (it's common for there to be overlap with your trust beneficiaries and your will beneficiaries), and wraps up all of your financial affairs. He also requires informing all close relatives about death and making arrangements for the funeral.According to the legal term, a trustee is an individual or a group of people who administers assets for the benefit of others. The executor’s duties end as soon as the probate court proceeding ends. Generally, they are appointed for charity, pensions and retirement plans, trust funds, bankruptcy cases, etc.

Speak to an estate planning attorney today.
An executor is also required for liquidation of the estate to distribute the assets among the heirs or the beneficiaries.

A trustee is given temporary ownership of certain assets to invest on a beneficiary’s behalf. In most cases, your successor trustee will then shut the trust down.

However, the person must not have any conflict of interest for this job.

A fiduciary is someone who is put in charge of someone else’s money. Trustees and Executors are similar in many ways. Similarly, sometimes court and various financial institutions also may want to manage people’s assets through an independent party for a certain period. Consider naming one child or relative as your executor and two children or relatives as successor co-trustees to avoid beneficiary feuds and promote family harmony. The primary role of this person is to execute the last wishes and manage the financial affairs of the deceased person. Another important decision is picking up the right persons to act as executor and trustee. The trustee also must maintain all the records of transactions and submit taxes on time.Even though anyone can become a trustee, but most of the time a financial manager does this job. Keep in mind that the Trustee is not the same thing as the Trust beneficiary.

When an executor has completed all of their duties, their role ends.

However, unlike a Trustee, an Executor cannot begin acting until they first obtain a court order.

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