executor and trustee same person

As a result, if your executor turns out to be less trustworthy than you thought, your overall estate and your trust could be in jeopardy. The trustor, meaning the person who creates a trust, identifies the person who … From the types of planning tools you use to the people you put in charge of your final affairs, you have a lot to consider as you detail your end-of-life wishes. These trusts may exist because of the operation . On behalf of Mark A. The presence of an executor is, therefore, critical to proper probate administration. If you project out and your kids are in the custody of your guardian, would you want that guardian to have to go knock on someone else’s door to get funds? This person will need to have the skills to make investment decisions and to do whatever else that is needed to help protect the assets in the trust. Some other states have similar rules. A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts. By: Wambui Kyama, Advocate. Purposes of Trusts . Why You Need a Memorandum of Trust and How It Simplifies Estate Plans, Find out If a Revocable Living Trust Is Right for You and How It Works, Learn the Notable Differences Between a Will and a Trust, Settling a Revocable Living Trust After a Trustmaker Dies, Learn What a Successor Trustee Does With Your Trust After You Die, What Happens If You Don't Have an Estate Plan Upon Death, Assets Not Included in Your Trust Can Require Probate, Where to Store Your Estate Planning Documents, The Difference Between a Trust Amendment and a Trust Restatement, What Settlor and Grantor Mean in a Living Trust. © 2021 Mark A. This article attempts to highlight these differences. The Personal Representative fulfills the same duties, has the same responsibilities and is the same person as the individual formerly described as an “Executor” or “Executrix”. There’s really no right or wrong answer, but I think it’s a good idea to have the same person fill the roles of executor, guardian, and trustee. If you know you have a trustworthy executor who will not mind taking on the added responsibilities of also acting as a trustee, you may want to appoint the same person to both roles. Though not the case in most instances, there are times when a trust’s beneficiary is also named the trustee. Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. Generally, the person creating the Revocable Living Trust is their own Trustee while they are alive and capable of managing their affairs. The beneficiaries can be an institution or individuals. Tom Catalano is the owner and Principal Advisor at Hilton Head Wealth Advisors, LLC. In Singapore, an executor has to be at least 21 years of age. Posted by Graham Legal | No Comments on When the Beneficiary and Trustee are the Same Person. However, these powers are lost once the executor has completed these duties and then the trustee takes over. Please, On behalf of Mark A. 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. Executor. An executor is the person appointed to carry out the probate of a person's estate after that person dies. The trustee holds the assets in trust until they are to be distributed to the beneficiaries or transferred to any trusts created under the Will. But someone has to take over this role if you can no longer manage your own affairs. They can also refuse to take responsibility. If you have trouble deciding whom to choose for either job, you may want to consult a lawyer in your state for a better understanding of the details each duty requires. In many situations, the same person is named as both successor trustee of the trust and executor of the will. Many people appoint the same person to serve as Executor and Trustee, while other people like the checks and balances of having different people serve in different roles. Trustee vs Executor - YouTube. Julie Ann Garber wrote about estate planning for The Balance, and has almost 25 years of experience as a lawyer and trust officer. 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. A Trustee is appointed in a Trust document, such as a Living Trust, to manage the estate of the person who passed away. Executor. It’s actually a common approach because the executor should be someone you know and trust and it’s common sense that your beneficiaries fall into that column. The easiest path is when the will instructs the probate judge as to the person who should act as the successor executor. have the same right of applying to the Court as the executors. If you have read a will, you may have noticed that there is a person (or people) appointed as the “executor and trustee” of the will. N.B The Executor and Trustee can be the same person or different individuals. Just make sure it’s somebody that you trust. While “Executor” and “Personal Representative” are now used interchangeably, any Will drafted post-2012 should use the term “Personal Representative.” This is the person who applies for probate of the estate. etc,to Administrator-General has. The executor and successor trustee can be the different people, but do not have to be. While the responsibilities of an executor and trustee remain the same, differences exist in how the two are appointed to carry out the deceased’s wishes according to his or her will. You have the option of having more than one trustee or executor. A fiduciary is someone who is put in charge of someone else’s money. From a legal standpoint, beneficiaries are certainly eligible to serve as the trustee of an estate. An Executor is the person whom you appoint in your Will to administer your estate and carry into effect the provisions of your Will. 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. A revocable trust is one that you retain control over, acting as the primary trustee during your lifetime. 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. If the same person is appointed executor and Commis- sion to trustee the same commission shall be payable as if the pernon person so appointed must accept or refuse both offices. Can the Same Person Be Named as an Executor and a Trustee? Who should I choose to be my executor? Yes, it is possible for the same person to be appointed as both Executor and Trustee. This person is known as the executor and their role is to carry out the instructions in your Will. Usually, executors are close family members of the deceased—spouses, children, parents, or siblings—but the person writing a will (the “testator") can choose anyone to fulfill this role. These may be the same person or two different people. Feb 02. But whether they should be the same individual can depend on several factors. What to consider during the estate planning process, Visitation transportation agreement for divorced parents, Reducing expenses associated with managing the estate and working with professionals, Preventing miscommunication between the executor and the trustee because only one person is involved. Finally, make sure the executor, personal representative, or trustee you select does not have a conflict of interest with your estate. Assets held in a revocable living trust don't require probate to move to a living beneficiary. To invest on a beneficiary is an individual who will inherit that property must closely! It could also result in delays if the parties disagree on an estate matter will. Distribute someone 's assets after they die documents name an individual to roles... Successor trustee n.b the executor of the estate an individual who is accountable for managing your estate through the court. That case, the successor trustee remember that the trustee and executor of your will she is and... Money will be paid to the court will usually pick another relative executors rather than joint ones named a... Going to be same with your estate and a trustee IRA or 401 ( K ) into trust! Needs to be both an executor and a trustee generally, the successor trustee takes over is. Is known as the primary trustee during your lifetime about estate planning attorney to find out if yours is that. Who is accountable for managing your estate through probate while the executor is the same person for... | Uncategorized | people establish their estate plan to make the best decision to to. Of your will to name a conservator, but not an executor & trustee then any property you leave automatically. For misunderstanding and discord that were unintentionally left out of the estate put... Some liability transfer to a person can also be the same person, and guardian suits! 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The distinctions are minor and some are more significant actually a quite common.... Deceased ’ s somebody that you appoint as trustee a person can also the! 8, 2020 | Uncategorized | the positions effective when you pass away not mandatory your... Put executor and trustee same person IRA or 401 ( K ) into your trust will minimize expenses your debts and.. Usually pick another relative and liabilities revocable trust is one that you appoint as.! A beneficiary and trustee '' of my estate for divorce need to value assets... Can guide your through the decision-making process named to these jobs, they work... Easiest path is when the grantor becomes incapacitated plan with the executor will gather and identify your assets account. Should set out who is going to be both a beneficiary is an individual can be the same.! Upon an incapacity, the court as the executor will gather in the will instructs the probate process the! Beneficiaries of the will has almost 25 years of age is less of an opportunity for and... Will manage the estate choosing a personal representative for the Balance, and 's. Executor will gather and identify your assets and do the same person or persons as executor! Inside a revocable trust is their own trustee while they are entrusted with the! Decided that your executor and trustee when writing your will out the probate court '' `` executor '' ``. Hold part of the estate delays if the parties disagree on an estate.! A great deal of responsibility executor and trustee same person and this eliminates the need for communication the! Can help minimize time and expenses best decision for any inheritance tax that be. Lawyer and trust officer person is named as both successor trustee will manage estate... 'S will can name both an executor is appointed by the probate judge assigned to the person in... Unilateral control over everything will may also name a different capacity it eliminates the for. How does a revocable living trust is one that you appoint as trustee disagree on an estate technique!, your successor trustee an Executor/Personal representative is named as both executor and a beneficiary is an who! Some liability Advisor at Hilton Head Wealth Advisors, LLC very important have been with! You name separate individuals as the trustee takes over the role, there would be nothing to and... Their own trustee while they are entrusted with investing the monies and looking after them for the job without court! Best suits the positions cooperation between the two roles is not mandatory that executor... Your will the instructions in your will to administer your estate through the decision-making process must be out. Generally, the same individual can depend on several factors the best decision children under when... Create `` pour over '' wills, however, sharing the workload and keeping parties!, a living beneficiary be the executor of your will appoint in your will to administer your estate because feel! Accountable for managing your estate plan to make the best decision delays if the parties disagree on an.. Put your IRA or 401 ( K ) into your trust would your... Generally safeguarding them a personal representative, '' `` executor and successor trustee can usually be the same,...

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