Can an executor be a trustee?

Executors are the people who organise your affairs after your death. Trustees are people who run the trust that your will creates.

How is a Trustee different from an executor?

The role of a trustee is different than the role of an estate executor. An executor manages a deceased person’s estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. The beneficiaries are the recipients of the trust’s assets.

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.

Who are the executors and trustees of an estate?

If assets in the estate are to be held on ongoing will trusts, the 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.

What’s the difference between a trust fund and an executor?

In a person’s will, the residuary estate is often called the “trust fund”. It is held by the trustees until it is distributed to the people who are going to inherit it. What do executors do? ensuring that your estate is dealt with according to the law; and carrying out your wishes as you have set them out in your will.

How does a trustee work with a deceased person?

They gather in the deceased person’s estate in their hands. Then they pay the deceased’s debts and satisfy the claims against the estate, and distribute the estate assets to the beneficiaries under the will or under the rules of intestacy, as soon as possible. The position of a trustee differs from that of an executor of a deceased person.

Can a fidelity trustee serve as an executor?

There are options available to you as a trustee: You may be able to bring in a corporate trustee, like Fidelity,* to assist you in carrying out your duties. Ask a professional to help you understand your options and decide how to best proceed. For information on how Fidelity may be able to help, see Personal Trust Services .*