Can executor and trustee differ?
Your executor and successor trustee can usually be the same person, and it’s actually a quite common arrangement. It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal.
Who are the trustees and executors of an estate?
Both Trustees and Executors/Personal Representatives are individuals who are selected by another person to be in charge of managing that person’s estate after they have passed away. This includes things like settling any outstanding debts and distributing the remaining assets to the heirs of the deceased.
Who is a fiduciary and who is an executor?
Both the executor and trustee are fiduciaries —they owe a duty of loyalty and are responsible to administering the estate or trust solely in the best interest of all the beneficiaries.
When to appoint a trust company or executor?
In such a case it is important to appoint a trust company, such as Rockwills Trustee Berhad to provide for continuity, accountability and professionalism. A trust company would also be suitable where none of the beneficiaries are able to carry the duties as an executor or there is tension between them.
What’s the difference between a trust fund and an executor?
In a person’s will, the residuary estate is often called the “trust fund”. It is held by the trustees until it is distributed to the people who are going to inherit it. What do executors do? ensuring that your estate is dealt with according to the law; and carrying out your wishes as you have set them out in your will.
Who are the executors and trustees of an estate?
The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for
How is the executor of a will appointed?
The executor (some state laws call this the personal representative) is appointed by the probate court pursuant to the decedent’s last will. The executor is responsible for managing and settling the estate.
Who is the successor trustee of a trust?
(A will can do certain things a trust document can’t, such as name a guardian for young children and take care of any property that wasn’t transferred into the trust during the grantor’s lifetime.) In many situations, the same person is named as both successor trustee of the trust and executor of the will.
Can a fidelity trustee serve as an executor?
There are options available to you as a trustee: You may be able to bring in a corporate trustee, like Fidelity,* to assist you in carrying out your duties. Ask a professional to help you understand your options and decide how to best proceed. For information on how Fidelity may be able to help, see Personal Trust Services .*