What does executor and trustee mean?
An Executor is the person (or people) who have been named in a will to administer the Estate of the deceased. Sometimes the will also appoint a Trustee, who will be responsible for managing any ongoing Trusts that are specified in the will. Sometimes the same person can be named as both a Trustee and an Executor.
When does an executor take on the role of trustee?
An executor may take on the role of trustee if there is a trust established by the Will. When an executor has completed all of their duties, their role ends. 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.
Can a trust be created by an executor?
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. When a trust is created by a Will, the role of a trustee may continue for an extended period as nominated by the testator.
Who is the successor trustee of a trust?
The person you appoint to take over the role of Trustee after you die is known as your “Successor Trustee”. When you pass away, your Successor Trustee takes over as Trustee and manages and distributes your assets according to the strict directions you’ve outlined in the Trust document.
When does an executor have to act on a will?
Executors must obtain a court order to act on a will. Trustees are named in Trust documents to act when the original Trustee (s) dies or stops acting. Usually, the person who creates the Trust (the settlor) is also the Trustee to start with. Once the settlor dies or stops acting, the named successor Trustee takes over.
An executor may take on the role of trustee if there is a trust established by the Will. When an executor has completed all of their duties, their role ends. 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.
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. When a trust is created by a Will, the role of a trustee may continue for an extended period as nominated by the testator.
Who are the beneficiaries and executors of a will?
When someone dies their Will is likely to appoint various people in different roles, such as Executors, Trustees and Beneficiaries. It can be confusing establishing exactly who is responsible for what during Probate.
The person you appoint to take over the role of Trustee after you die is known as your “Successor Trustee”. When you pass away, your Successor Trustee takes over as Trustee and manages and distributes your assets according to the strict directions you’ve outlined in the Trust document.