What does sole executor and trustee mean?

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

Can you have a sole trustee?

A sole trustee is not a board of trustees but instead a single entity (person or company) acting as the sole trustee.

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?

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. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for …

Do you need to stay in touch with the executor and trustee?

If you aren’t serving as both executor of the estate and trustee of the trust, stay in close touch with the executor during these first few months. You need to know what the executor is doing and why.

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.

Who is the successor trustee of a trust?

The person you appoint to take over the role of Trustee after you die is known as your “Successor Trustee”. When you pass away, your Successor Trustee takes over as Trustee and manages and distributes your assets according to the strict directions you’ve outlined in the Trust document.