When it comes to estate planning, one of the most important decisions you will make is who will be in charge of carrying out your wishes. Two of the most common choices are a trustee and/or an executor. Both have their own set of responsibilities, so it’s important to understand the difference between the two before making a decision.
A trustee is someone who is in charge of managing the property in a trust. This includes handling any money that is in the trust as well as making sure that the property is used according to the terms of the trust.
Trustees are typically chosen by the person who creates the trust (known as the grantor), and they can be either individuals or organizations. One of the main responsibilities of a trustee is to make sure that the trust’s assets are used in accordance with the grantor’s wishes. This includes making sure that the beneficiaries receive the money or property that they are supposed to get.
Trustees also have a fiduciary responsibility to act in the best interests of the beneficiaries.
An executor is someone who is in charge of carrying out the wishes of a person who has died. This includes distributing the person’s assets according to their will and paying any debts that they may have. Executors are typically chosen by the person who makes the will (known as the testator), and they can be either individuals or organizations.
One of the main responsibilities of this estate planning individual is to make sure that the estate’s assets get distributed according to the terms of the will. This includes making sure that the beneficiaries receive the money or property that they are supposed to get.
Ultimately, when choosing either a trustee or an executor, you’ll need to consider whether or not you trust them to carry out your wishes. You should also consider their financial stability and whether or not they have the time to commit to this responsibility.