what is the difference between an executor and a trustee of a will?
16728
The main difference is that the trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions in the Will eg applying for probate.
1396659
As the executor, it is down to you withdraw any money and distribute it to the beneficiaries according to the will. A solicitor will be able to help you with the process. If someone died without leaving a will, rules of intestacy apply.
98916
The person dealing with the estate of the person who has died is called an executor or an administrator. An executor is someone who is named in the will as responsible for dealing with the estate. An executor may have to apply for a special legal authority before they can deal with the estate. This is called probate.
980191
Executors and Administrators. ... An executor or executrix is the person named in a will to administer the estate. An administrator or administratrix is a person appointed by the court to administer the estate of someone who died without a will.
1162608
Roles of Executor and Trustee The roles of an executor (personal representative) and a trustee are similar in that they both act for the benefit of the beneficiaries of the estate. ... A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts.
700052
A beneficiary is entitled to be told if they are named in a person's will. They are also entitled to be told what, if any, property/possessions have been left to them, and the full amount of inheritance they will receive. ... The person who will be administering the estate is known as the executor.
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As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. ... As an executor, you cannot: Do anything to carry out the will before the testator (the creator of the will) passes away.
860369
The role of a beneficiary in Probate is very different to the role of Executor, but this doesn't mean that the same person cannot be named as both. A beneficiary is someone who is entitled to inherit some or all of the assets in the Estate. ... The Executor's duties can include (but are not limited to):
789462
"Executor" has a specific meaning. It's a legal term referring to the person who manages a deceased person's estate in accordance with that person's will. It's pronounced differently too, the emphasis is on the second syllable. ... "Executor" is absolutely the preferred way to spell the legal term.
835460
The main difference between the two is that the trust will let you transfer assets to beneficiaries when you're still alive, while a will transfers your assets when you die.
38642
If someone dies without a will, then they haven't appointed an executor to manage their affairs when they die. Someone will need to apply to court so they can legally deal with the deceased person's estate. The person appointed by the court to manage the estate is called an administrator.
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The executor or administrator (also called the personal representative) takes responsibility for dealing with all of the estate. This involves: finding all the financial documentation belonging to the person who died.
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A power of attorney has legal effect only during the principal's lifetime, and it terminates automatically when the principal dies. ... A will, in contrast, only becomes effective after the testator's death, and the executor has no power or authority until the testator dies.
567406
An executor is someone who is named in the will as responsible for dealing with the estate. An executor may have to apply for a special legal authority before they can deal with the estate.
310308
They are both fiduciaries. ... A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate. 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.
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An executor's job is to secure the assets of the estate and then distribute them according to the deceased person's wishes. In some families, heirs descend on a decedent's home even before the funeral, cherry-picking heirlooms, and other valuables.
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An executor's obligations are to the beneficiaries and the creditors of the estate. In broad strokes, the role, duties and responsibilities that the executor is required to perform for an estate are: Arranging the funeral. Securing and appraising the assets of the deceased. ... Paying the debts and taxes of the deceased.