Should an executor be a family member?

Should an executor be a family member?

Only children or family members can serve as executors. Not only are you not required to appoint your child or family member, it is often best not to appoint your child.

What is the difference between executor and successor trustee?

While both roles sound familiar, there are differences between them – most notably, that if an asset is held outside of the trust (so, in the name of the deceased), it is the responsibility of the executor, and if it is held in the name of the trust, it is the responsibility of the successor trustee. This means that the role of executor and successor trustee can be held by the same or different people.

Is an executor the same as a trustee?

An executor and a trustee are similar in that they both have a duty of absolute care to the beneficiaries of the estate/trust, but their roles in respect of the beneficiaries are quite different. An executor is more of a liquidator, whereas a trustee is more of a business manager.

What are executor and trustee duties?

What Are the Duties of an Executor of a Living Trust? Assembling Assets. A trustee is responsible for collecting all assets of an estate. Managing Assets. A trustee must successfully manage all assets within a trust. Administering the Trust. An estate must be administered exactly as specified within the trust. Record Keeping. Consulting Specialists. …

While both roles sound familiar, there are differences between them – most notably, that if an asset is held outside of the trust (so, in the name of the deceased), it is the responsibility of the executor, and if it is held in the name of the trust, it is the responsibility of the successor trustee. This means that the role of executor and successor trustee can be held by the same or different people.

An executor and a trustee are similar in that they both have a duty of absolute care to the beneficiaries of the estate/trust, but their roles in respect of the beneficiaries are quite different. An executor is more of a liquidator, whereas a trustee is more of a business manager.

What does an executor and trustee do?

  • Executor Duties. An executor is generally a person the decedent trusted to handle her affairs after death.
  • then the trustee’s duties begin.
  • Executor’s Discharge.
  • Trustee Termination.

    What Are the Duties of an Executor of a Living Trust? Assembling Assets. A trustee is responsible for collecting all assets of an estate. Managing Assets. A trustee must successfully manage all assets within a trust. Administering the Trust. An estate must be administered exactly as specified within the trust. Record Keeping. Consulting Specialists.