A Trustee and Executor/Personal Representative have similar roles and responsibilities when it comes to settling an estate. Our legal operations continue. However, their roles are different. Keep in mind that the Trustee is not the same thing as the Trust beneficiary. Trustee’s Duties If you are named the Trustee of your loved one’s living Trust, your responsibilities vary from those of the Executor. They are both fiduciaries. In many states, like Michigan for example, Executors are called Personal Representatives. … Identify the Creditors. An Executor/Personal Representative is named in a Last Will and Testament, often times referred to as a Will. Chris Atallah is a licensed Michigan Attorney and the author of “The Ultimate Guide to Wills & Trusts – Estate Planning for Michigan Families”. The Trustee The role of trustee is to administer any trusts arising from the Will. Your Executor, however, only has power over those assets not in trust, not held jointly, or not in an account with beneficiary designations. This means that the role of executor and successor trustee can be held by the same or different people. Letters Testamentary is a form document signed by the court clerk that officially appoints the Executor and gives the Executor the power to act over a person’s assets. Over that past decade, Chris has helped 1,000s of Michigan families and businesses secure their futures in all matters of Wills, Trusts, and Estate Planning. The role of a Trustee is very different to the role of the Executor, and Trustees will only be needed if a Trust arises under the Will. This is one of the major advantages of a Living Trust. Find out if you can name the same person to be both your trustee and executor … In this sense, Executors and Trustees are similar. There are advantages and disadvantages to each decision and your plan will depend upon your unique family … Who’s the Boss? The testator designates a trustee to administer the trust and the executor distributes any remaining assets to the trustee after the will has been probated. As nouns the difference between fiduciary and executor is that fiduciary is (legal) one who holds a thing in trust for another; a trustee while executor is a person who carries out some task.As an adjective fiduciary is Almost every estate has creditors who need to be paid. 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. Executor & Trustee Guidelines If you have been named executor of a will or trustee of a trust, these guidelines can help you understand what's expected of you in the process. Or, you may be an individual who has just found out that they were named the Trustee or Executor (also known as a Personal Representative) of an estate and you are trying to find out what this all means and what you are supposed to do next. 543 N Main St, Ste 222 Rochester, MI 48307, An Executor/Personal Representative is named in a, This means, that the person you want to be your Executor/Personal Representative will be responsible for obtaining. 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. If you are confused about the differences between a Trustee vs Executor, you’re not alone. When handling the affairs of a loved one who has passed away, the executor’s role is vs. a trustee’s role is very … Personal representatives, executors, and trustees are all fiduciaries – a term that means they're entrusted to … Understanding The Important Role Of The Executor Or Trustee When creating a will or trust, one of the most important decisions you will make is to appoint an executor or trustee. The Executor can then gather the assets together and take all appropriate actions required to ready the estate for distribution to the named beneficiaries. Trustee … Some beneficiaries come to us because their trustee claims they are harassing them and it really depends on what they beneficiary is doing. One of the major differences between Trustee vs Executor is how they are appointed. Trust executor duties include liquidating estates. Unless you are the villain in a spy thriller, there’s unlikely to be any intrigue surrounding the reading of your will. "It's the best of both worlds, because you have an expert handling the complicated elements of a trust or will, while the loved one co-serves alongside the professional fiduciary. Consent to Act as a Trustee or Executor. Getting Letters of Authority and navigating the Probate process can be complex. A Trustee is appointed in a Trust document, such as a Living Trust, to manage the estate of the person who passed away. ESTATE PLANNING ATTORNEYS: CALL GATEVILLE LAW FIRM TODAY AT 630-780-1034 Sean Robertson and Gateville Law Firm are experienced attorneys that assist families and business owners with their Trust and estate planning decisions. 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 … Trustees do not need to go through Probate in order to settle the estate because Living Trusts avoid Probate Court. This is known as “settling an estate”. Successor Trustee- After Your Death Upon your death, your Attorney-in-Fact’s power ceases and your Executor’s power, assuming he or she is appointed by the Probate Court, commences. If you have questions and you’d like to set up a free initial consultation, we’d be happy to help. An Executor/Personal Representative … Typically, states use the same guidelines for executor fees when determining trustee fees. An executor is the personal representative appointed by the deceased in his/her Will. Your executor has a very specific and limited job to do: Making sure there’s enough money in your estate to pay off any debts and then channeling the rest to your heirs. What is the Difference Between a Guardian, Trustee, and Executor? He has taught dozens of seminars across the State of Michigan on such topics as avoiding the death tax, protecting minor children after the parents’ death, and preserving family wealth from the courts and accidental disinheritance. An executor of a will remains in place for the duration of the probate process. A trustee, on the other hand, is … Usually, the person who creates the Trust (the settlor) is also the Trustee to start with. To understand the responsibilities of a Trustee, let’s briefly explain how a Living Trust works. Trustees and Executors are similar in many ways. But whether they should be the same individual can depend on several factors. The joint trustee/executor then manages all of your assets, works with your beneficiaries (it's common for there to be overlap with your trust beneficiaries and your will beneficiaries), and wraps up all of your financial affairs. Nothing on this website should be interpreted as legal advice. This means that while you are alive, you are both the Grantor (person who created and owns the Trust) and the Trustee (person who manages the Trust on a day to day basis). "Personal representative," "executor" and "trustee" are some of the titles you'll encounter. The role of a trustee is different than the role of an estate executor. The Executor handles the probate process from start to finish. State laws can also specify how successor trustees … The difference between an executor and trustee has to do with the disposition of the decedent’s estate. When someone dies with a Will, the named Executor must submit the Will to the Probate Court along with a petition asking the court to open “probate.” Probate is just a court process where the management and distribution of a person’s assets are overseen by the court. You should consult an attorney for advice about your specific legal matter. We can help you through the complicated legal process. It’s just that easy. Trustee Vs. Executors are people named in a Will to manage the probate estate after a decedent dies. As a result, you should choose someone that you believe has the ability to manage and settle your estate according to your wishes. The person you appoint to take over the role of Trustee after you die is known as your “Successor Trustee”. If you find yourself in either situation, this article will help answer the following: Both Trustees and Executors/Personal Representatives are individuals who are selected by another person to be in charge of managing that person’s estate after they have passed away. So, what is the difference between a trustee & an executor? Executor vs Trustee The difference between Executor and Trustee is that the executor follows the term of the will and distributes & transfer the belongings of the deceased person to the heirs, while the trustee follows the term of the trust document and oversee and maintain the asset of the designated trust. California Trust and Will Trial Attorneys. A Last Will and Testament is a legal document that gives instructions to the court on how your assets should be distributed when you pass away. Complex Family Dynamics. The executor and successor trustee can be the different people, but do not have to be. The executor owes duties of utmost good faith and loyalty, and to act in a timely way in administering the estate. It helps to understand the roles The trustee takes the assets conveyed to the trust from the estate and begins managing the trust according to the terms established by the will or a separate trust agreement . If you are reading this article, you may be in the process of researching Estate Planning to determine which legal tool is best for you to pass on your money and property to your family and loved ones. Most estate documents such as a will or a trust will list the heirs to the estate and … Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. The second major difference between Executor vs Trustee is the process they have to go through to settle an estate. Trustees are named in Trust documents to act when the original Trustee(s) dies or stops acting. Overall, responsibilities of a Trustee are very similar to those of an Executor/Personal Representative, but there is one big difference…. Once the settlor dies or stops acting, the named successor Trustee takes over. A Trustee is appointed in a Trust document, such as a Living Trust, to manage the estate of the person who passed away. Main Differences Between Executor and Trustee According to legal terms, an executor is someone who oversees the will of the departed person; while the trustee is an individual or a group of people who … Once the court grants the petition for probate, the court will issue an order and Letters Testamentary. If one of your goals is to avoid putting your family through the difficulties of Probate Court, you should consider a Living Trust instead of a Will. The Rochester Law Center, PLLC is a private law firm. And the Trustee does not have the right to change the Trust terms in most cases. One of the major differences between Trustee vs Executor is how they are appointed. The successor Trustee generally has the same duties and responsibility of a Trustee. Trustee’s Duties. This means that while the executor/trustee should be compassionate, he or she Legal guidance can be of great … This is one of the major, If you have recently been appointed Trustee and need help with the Trust Administration to properly settle an estate, you can always reach out to an experienced, If you have questions and you’d like to set up a free initial consultation, we’d be happy to help. If you are trying to determine if a Will or a Living Trust is the best Estate Planning tool for your situation, or if you have recently found out that you have been named Trustee or Executor/Personal Representative and you are unsure of what to do next, an experienced Estate Planning Attorney can help you. Contact Albertson & Davidson today to learn more and to discuss your unique situation. If you have recently been appointed Trustee and need help with the Trust Administration to properly settle an estate, you can always reach out to an experienced Trust Lawyer to help. Executor vs. By the way, when a person dies without a Will their probate estate can still be opened, but the person appointed to manage the estate is called an Administrator rather than an Executor. As executor or trustee, you are left to determine who shall take the place of your deceased sibling and this decision is subject to the terms of the document and state laws. A trustee … A trustee … Knowing the differences between an executor vs. a trustee in California can help you a lot! Download Denied: Isn’t the Trustee Required to Give me Financial Information? One key difference is that the Trustee is appointed in a Living Trust and an Executor/Personal Representative is named in a Last Will and Testament. It's not just the legal and fiscal complexities of an estate that are worth … Executors and trustees play similarly important, but fundamentally different roles in managing your estate after your death. What’s the Difference Between a Trustee and an Executor? It’s a good idea to choose someone who is capable enough to handle the responsibility, and ideally, someone who is good at handling money and financial transactions. 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. If you aren’t serving as both the Executor of the Estate and Trustee of the Trust, you want to stay All Rights Reserved. The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased's final tax returns. If there is no will a court can appoint someone an Estate Trustee without a Will to be the personal representative of the estate. Eventually, the Trustee must also distribute the Trust assets as provided in the Trust document. It is not affiliated with any government, agency, or other regulatory body. Where executors handle a number of legal and bureaucratic hurdles in confirming and administering your will, trustee… When you set up a Living Trust, you legally transfer your property into the Trust and manage it yourself while you are alive – just as you do now. An “estate” refers to all of the money, property, and assets the individual who passed away owned at the time of their death. Some of the distinctions are minor and some are more significant. Executor vs. The trustee, who may be an individual or even several people, is tasked with determining how money and other assets flow in and out of the trust. The major drawback of a Last Will and Testament is that your estate must go through Probate – a process that in some cases can take years before your assets are distributed and your the estate is settled. from the Probate Court and guiding the estate through the complicated Probate process. This means, that the person you want to be your Executor/Personal Representative will be responsible for obtaining Letters of Authority from the Probate Court and guiding the estate through the complicated Probate process. The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased's final tax returns. The second major difference is that a Trustee does not need to go through Probate to settle an estate because Living Trusts avoid Probate Court. When the executor’s duties to the trust end, then the trustee’s duties begin. The information provided on our website and in our videos are for general informational purposes only and does not, and is not intended to, constitute legal advice. An executor of a Will carries out the wishes of a person after they die. Their responsibilities include, handling problems with creditors, fighting objections from omitted heirs, managing the transfer of your property, and making sure that each of your devisees or beneficiaries receive their inheritance. Once acting, the Trustee also assumes all of the duties and responsibilities outlined in both the California probate code and the Trust document. Have you been appointed as an executor? • Though there are similar duties and functions of executors and trustees, an executor has to be appointed by the probate court; trustees need not deal with the probate court. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features The professional trustee is generally a trust company, lawyer or any other professional who provides executor and/or trustee services as a … If you have any questions, Chris would be happy to answer them for you – just call at 248-613-0007. The following are six examples of instances that could lead to California estate litigation with an executor vs. If you are named the Trustee of your loved one’s living Trust, your responsibilities vary from those of the Executor. Odd Man Out: What happens If One Beneficiary Refuses to Sign a Waiver of Accounting? When you are administering an estate or trust, certain terms do not mean the same thing. 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 If the decedent established a trust, then a trustee is the person in charge of … This means that the role of executor and successor trustee can be held by the same or different people. However, where a Will establishes a trust or trusts … The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. What’s the Difference Between a Trustee and an Executor? We often get asked about this topic at Rochester Law Center. Trustee. Speak to an estate planning attorney today Legal guidance can be of great assistance when you are administering an estate or a trust, especially if you … If you aren’t serving as both the Executor of the Estate and Trustee of the Trust, you want to stay in close touch with the Executor … The executor is also responsible for defending the will, inventory the assets of the estate, and managing the assets of the estate such as selling real estate and paying liabilities and expenses. Knowing the differences between an executor vs. a trustee in California can help you a lot! If you find yourself in the role of Personal Representative and you need help navigating Probate, it’s usually best to consult with an experienced Probate Lawyer. trustee...Executor wont give a copy of the will We Speak for the Dead TM If you find yourself in the role of Personal Representative and you need help navigating Probate, it’s usually best to consult with an experienced, If one of your goals is to avoid putting your family through the difficulties of Probate Court, you should consider a, Trustees do not need to go through Probate in order to settle the estate because Living Trusts avoid Probate Court. An executor manages a deceased person’s estate to distribute his or her assets according to the will. Executors must obtain a court order to act on a will. A fiduciary is someone who is put in charge of someone else’s money. Personal representatives, executors, and trustees are all fiduciaries – a We are here for you. If you’re creating a trust, it helps to know what is and isn’t deductible when managing taxes in your estate plan. Being a Trustee or Executor is a big responsibility. Speak to an estate planning attorney today. Home Who’s the Boss? Inside Out: What Happens When Property is Left Outside of a Trust? Click Here To Get Your Free Guide To Living Trusts. The executor’s duties end as soon as the probate court A family member or friend can act as trustee or executor, but work alongside a corporate trustee who will guide on issues like tax, real estate and the assist with financial decisions. In your Last Will and Testament, you name an Executor/Personal Representative. 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. • Executor gets a statutory fee, … The fees can either be charged as a percentage of assets or as a percentage of transactions associated with money moving in or out of the trust. What is a … Trustee Difference between executor and trustee: – When it comes to know and understand the difference between executor and trustee, then we should know that first what is executor and what is trustee? When handling the affairs of a loved one who has passed away, the executor’s role is vs. a trustee’s role is very different. This is the person you want to settle your estate and make sure that your wishes are executed appropriately. © 2020 Albertson & Davidson, LLP. Trustees are responsible for administering a trust to the beneficiaries according to a legal agreement, whereas … Over the past decade, we’ve helped 1,000s of clients with all matters of Wills, Living Trusts, Probate, and the settlement of estates. … If we use these terms interchangeably in this article, don’t be confused, we are referring to the same role. To get a better understanding of the differences, let’s take a deeper look at how a Last Will and Testament works and the role of an Executor/Personal Representative. Identify the Heirs. Once the Trustee agrees to act, then they assume the powers of a Trustee under the Trust documents. Most of all, you want to choose someone who is honest. Just give us a call at, “The Ultimate Guide to Wills & Trusts – Estate Planning for Michigan Families”. This includes things like settling any outstanding debts and distributing the remaining assets to the heirs of the deceased. An executor, whether … Like an executor, a trustee is also considered a fiduciary. Instead, the Trustee must manage the Trust assets according to the Trust documents. Parents with minor children face unique issues when creating wills, this article discusses the choices that parents of minor children must make when creating a last will and testament. In some cases Probate can take years, especially if the Will gets challenged. Trustee –What’s the Difference? And second, trustee fees are considered taxable income for the trustee. Many people choose a close relative or friend. While it may be possible for someone to serve as both guardian and trustee, an independent party acting as trustee can also oversee the guardian’s activities. Contact Panitz & Kossoff, LLP, today. The Difference Between an Executor & a Trustee of an Estate. An executor is entitled to receive payment from the estate for their services. Usually, executors … Use of this website and the information contained does not establish an attorney client relationship. They both manage assets that belong to other beneficiaries, they both are subject to fiduciary duties and obligations, and they both will be paid for their work (assuming they do not breach their duties). Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. 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. A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate. To help distribute an estate between beneficiaries, Wills & Estate Law usually requires the nomination of an executor & a trustee. But whether they should be the same individual can depend on several … Professional trustees also have to pay self-employment tax on the fees they receive. Additionally, the job description for each role is slightly different, even though both deal with managing your affairs when you can’t. Site by Consultwebs.com: Law Firm Website Designers and Lawyer Marketing. The Trustee does not receive the Trust assets (unless the Trustee is also named as a beneficiary). Of course, when an Executor is appointed, they, too, take on the duties and responsibilities contained in the California Probate Code for fiduciaries. Trustees can take over management of the Trust without court intervention. The Trust document provides the procedure, and the successor Trustee usually agrees to act. Some of the distinctions are minor and some are more significant. Setting up an estate plan may involve creating both a will and a trust. Executor and Trustee Compensation Executors and trustees may be categorized into two basic types: the professional, and the layperson. While every will creates a unique circumstance, most wills complete the probate process within two to three years. Executor: Who Do You Need For Estate Planning? The executor is the person (typically with the assistance of legal counsel) who files the probate action with the court. An executor and trustee both act as managers, but the trustee’s duties and responsibilities often last as long there is a still a trust, which can be for several years. A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate. If you do choose a Living Trust, you will need to appoint a Trustee to manage and settle your estate when you die. Executor vs Trustee Fazer um testamento antes de falecer é uma decisão muito sábia, pois garante que os ativos são gerenciados e distribuídos de acordo com as disposições da vontade e lá não há espaço para uma disputa entre os herdeiros da pessoa falecida. An … It is the same thing, just different titles based on whether there is a Will (Executor) or not (Administrator). 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. At Australian Executor Trustees (AET), we are one of Australia’s largest and most experienced non government providers of professional trustee services, with more than $6.6 billion in funds under management and administration. As executor or trustee a person has a legal duty to manage the property in the decedent’s estate for the benefit of the trust or estate beneficiaries. But, someone needs to manage the Trust after you die so that your assets in the Trust can be distributed to your heirs according to your wishes. As a result, the process Executors and Trustees have to go through to settle an estate is slightly different. Estate Executor Duties An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for performing under the terms of the will and handling the 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. However, unlike a Trustee, an Executor cannot begin acting until they first obtain a court order. Your executor’s duties begin only after you have died. executors pass those assets to the trustees of the will trust who then become the legal owners of the assets and manage them in accordance with the terms of the will trust Just give us a call at (248) 613-0007 to schedule a consultation with an experienced Estate Planning Lawyer. The guardian must also work with the executor and trustee to ensure that any estate assets are properly managed and distributed to the children. The Trustees are the people responsible for looking after the … An executor is the person who handles a deceased person's estate, making sure all property is distributed according to the decedent's wishes and that all debts are paid. 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