what is the difference between an executor and trustee?
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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 executes) the actions in the Will eg applying for probate.
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As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. ... As an executor, you cannot: Do anything to carry out the will before the testator (the creator of the will) passes away.
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The Difference Between Successor Trustee and Co-trustee. A trustee is an individual or company that serves a managerial function in connection with some type of property. ... A successor trustee is a new trustee who replaces a previous trustee, while a co-trustee is a trustee that serves at the same time as another trustee ...
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The main difference is that a will is simply a set of instructions about the distribution of your assets to be implemented after your death, whereas a trust allows your or someone designated by you as a legal representative to use your wealth according to your instructions even while you are alive.
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In general, an executor is expected to distribute the dead person's estate as soon as is practicable. They have, in any case, a 12-month window from the date of death, known as the executor's year, to carry out their duties before any beneficiary can proceed against them.
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Executors are legally responsible for: Identifying everything in the estate — for example, cash from bank accounts, insurance policy proceeds and pension payments. Valuing the assets. Specialist valuers may be needed to value some assets such as the home or shares in a family company.
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The trustee is the person or entity (e.g., a bank or other corporation) who holds legal title to the trust property. Fiduciary: A person or institution who manages money or property for another and who must exercise a standard of care in such management activity.
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An Executor is someone with the legal authority to wind up your affairs after you die. You appoint an Executor/s when you make a Will. ... Executor duties involve a lot of work, including: Notifying organisations about the death, for example utility companies, HM Revenue & Customs, and the Department of Work and Pensions.
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A guardian is the person that will take care of any children that are left without parents and will provide them with care and make living arrangements for them. An executor will assign the care of a child to the guardian. Both roles are very important and as shown quite different.
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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.
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Who actually pays? The executor or administrator of the estate is responsible for filing the inheritance tax return form and making sure that the inheritance tax is paid, even though certain assets, such as IRAs or 401(k)s, may pass directly to a beneficiary rather than through the estate, Whitenack said.
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The Executor makes sure all debts are paid, all taxes paid, all assets cared for, then distributes the remaining assets to the beneficiaries in accordance with law and the Will. If legal action is brought against the estate, the Executor is in charge of defending.
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The position of a trustee differs from that of an executor of a deceased person. In contrast, trustees have an underlying duty to hold onto property for the benefit of beneficiaries. ... When the deceased person's estate has been fully administered the executor has completed their duty as such.
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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.
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is that depositary is one who receives a deposit in trust while trustee is a person to whom property is legally committed in trust, to be applied either for the benefit of specified individuals, or for public uses; one who is intrusted with property for the benefit of another; also, a person in whose hands the effects ...
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An executor is someone who is named in the will as responsible for dealing with the estate. An executor may have to apply for a special legal authority before they can deal with the estate. This is called probate. ... An administrator has to apply for letters of administration before they can deal with an estate.
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Roles of Executor and Trustee 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. ... A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts.