Your executor and successor trustee can usually be the same person, and it’s actually a quite common arrangement. It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal.
Can an executor be a trustee as well?
Yes, it is possible for the same person to be appointed as both Executor and Trustee. In fact, this is not uncommon. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it’s important that they are clear on the specific duties and responsibilities of each.
What does it mean to be an executor and trustee of a will?
An Executor is a person chosen by someone writing a Will to be in charge of making sure their wishes are followed after they die. A Trustee is someone who is chosen to manage a Trust (and its assets) which it’s best to set up when making a Will.
Can a trustee and executor be the same person?
Yes – you can choose the same person to be your Executor and your Trustee. But make sure they are someone that you trust. It’s always best to speak to the person you choose before you name them in a Will or Trust, so that they understand the individual responsibilities of each role.
When does an executor of a trust take over?
The Trustee manages the Trust, the Executor manages the probate estate. Trustees are named in Trust documents to act when the original Trustee (s) dies or stops acting. Usually, the person who creates the Trust (the settlor) is also the Trustee to start with. Once the settlor dies or stops acting, the named successor Trustee takes over.
Who is the executor of an estate in a will?
An executor, whether appointed in the will or by the courts, oversees the administration of the entire estate with the exception of trusts in the will, such as testamentary trusts.
What’s the difference between a trust and a will?
Trusts operate separately from a will, so the person managing the trust — the trustee — has different duties. A trustee must follow the rules set out by the person who created the trust, called the grantor, and their main job is to distribute trust assets to beneficiaries (outside of probate).
