An executor distributes assets under the probate court's supervision, while a trustee may manage an estate for many years and even for life.
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by Brette Sember, J.D.
Brette is a former attorney and has been a writer and editor for more than 25 years. She is the author of more than 4...
Updated on: April 23, 2024 · 3 min read
Executors and trustees play important roles in distributing assets after a person's death. However, they are vastly different positions with disparate responsibilities.
While executors and trustees both manage and distribute assets, there are some important distinctions between their roles.
An executor is named in your last will and is the person who is responsible for distributing your estate to your beneficiaries according to the terms set out in your will. An executor is required to:
A trustee is named in the documentation of your trust and is the person who is responsible for distributing trust assets to beneficiaries according to the terms of the trust. A trustee is required to:
Whom you select as the executor of your will or trustee of your trust is an important choice.
You should look for someone you trust implicitly, who can handle the responsibility and someone who you are likely to outlive.
It's important to name an alternate for either position in case your first choice is not available. Before you select anyone as an executor or trustee, it's a good idea to talk to them and ask if this is a responsibility they feel comfortable taking on.
Most people prefer to choose a close family member such as a spouse or a child. You can also consider close friends. It is possible to use a company that fulfills these roles if there is no one you feel comfortable with in your life or you don't wish to burden someone you love.
By understanding the differences between executors and trustees, you can make an informed decision in your selection of the person who will manage and distribute your assets.
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