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.
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. It is an honor for a friend or loved one to appoint a person as a trustee.
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 …
What are the guidelines for being an executor of a will?
If you have been named executor of a will or trustee of a trust, these guidelines can help you understand what’s expected of you in the process.
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 .*
What does an executor do after a testator dies?
The more you know and understand what the testator wants and what property you will have to probate, it will make your job as executor a little easier. Being an executor means that you take on the legal responsibilities of the estate. A testator is referred to as a “decedent” after death.
