is executor the same as trustee?
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.
459904
Bilateral and executory contracts are not necessarily different. The only 'difference' between them is on the basis of the performance or act of the parties. ... The only 'difference' between them is on the basis of the performance or act of the parties.
1649
Unlike in some states, where the executor fees are fixed amounts equal to a percentage of the probate estate, in Massachusetts the executor is entitled to “reasonable compensation” for services rendered. The executor fees can also be subject to approval by the probate court.
659376
Paying your executor. ... Courts generally accept that the executor is entitled about 5% of the estate's value, plus an ongoing management fee of 2/5 of 1% of the average annual value of the estate assets during the settlement process.
523875
An executor who enters a contract on behalf of the estate is contractually liable to pay the other party. The cost of performing the contract is recoverable from the assets of the estate. ... They then can't be held personally liable for any debts that the estate doesn't have the funds to pay.
791013
An executor typically offers the will for probate, takes action to protect the assets of the estate, makes distributions of property to beneficiaries and pays the debts and taxes of the estate. ... One of the responsibilities of an executor is to use the estate's funds to pay for funeral and burial expenses.
436553
The executor is someone named in a will as taking legal responsibility for carrying out the instructions left in the will by the deceased regarding their estate. If there's no will, or those named are unwilling or unable to fulfil the executor role, a court may appoint an administrator in their place.
852213
The simple answer is yes, a Trustee can also be a Trust beneficiary. In fact, a majority of Trusts have a Trustee who is also a Trust beneficiary. Nearly every revocable, living Trust created in California starts with the settlor naming themselves as Trustee and beneficiary.
1290083
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.
243587
An executor may have to apply for a special legal authority before they can deal with the estate. This is called probate. An administrator is someone who is responsible for dealing with an estate under certain circumstances, for example, if there is no will or the named executors aren't willing to act.
312406
Executor/trustee fees are considered taxable income to the recipient and must be reported to CRA. ... In this respect executor fees paid by the estate/trust in relation to the earning of income could be considered deductible.
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.
989369
A Trustee manages assets on behalf of the beneficiary of a trust, an estate or another party. A custodian is the entity that actually holds the assets in question for safekeeping. ... Trustees have the authority to make management decisions, but don't necessarily hold or secure assets.
1213637
To change the executor of a will, you must be a person with interest in the estate – typically a beneficiary or a creditor. After gathering evidence of the executor's wrongdoing, you need to file a petition with the probate court to have the executor removed so a new executor can be appointed.
360223
An executor is legally responsible for handling a person's estate (their money, property and possessions) when they die and for carrying out the instructions in their will.
754366
An executor is legally responsible for handling a person's estate (their money, property and possessions) when they die and for carrying out the instructions in their will. Who can be an executor? You can act as an executor even if you're going to inherit something from the will.
1068746
Executor compensation is taxable income in the year it is received. ... The estate trustee should declare the compensation on their tax return in the year received and pay income taxes on it accordingly. (As a result, some Wills expressly make a bequest to the estate trustee, rather than paying compensation).