Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. Generally, it is usually a good idea to appoint a specific person to be both an executor as well as a trustee. Posted by Graham Legal | No Comments on When the Beneficiary and Trustee are the Same Person. 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. Naming the same individual also streamlines the probate process. In fact, choosing the same person for both roles can streamline how your estate and trust are administered and ensure your wishes are carried out on both fronts. So your best friend who lives in New York can't serve as your executor, but can serve as your successor trustee. 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. Court. Brown, P.S., Attorney at Law | Jan 8, 2020 | Uncategorized |. 11. A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts. Generally, the person creating the Revocable Living Trust is their own Trustee while they are alive and capable of managing their affairs. A person can be both an executor and a trustee of a testamentary trust. If this happens, the money will be paid to the person or persons you appoint as trustee. One of the major differences between Trustee vs Executor is how they are appointed. Trustee vs Executor - YouTube. An executor may take on the role of trustee if there is a trust established by 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. 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. The executor is appointed by the probate court after filing the will. Just make sure it’s somebody that you trust. Julie Ann Garber wrote about estate planning for The Balance, and has almost 25 years of experience as a lawyer and trust officer. In most cases your Trustee is the same person you appointed as the Executor of your Will. cases your trustee will be the same person you appoint as the executor of your Will. You likely chose your appointed person as the executor of your estate because you feel he or she is trustworthy and responsible. 145 High Street Nagambie VIC 3608 (03) 5794 2334 www.tbalaw.com.au 2 of law (minor beneficiaries … If you are an executor and beneficiary of the same estate, you actually have quadruple incentive to make sure you are doing the best job possible. An executor is the person appointed to carry out the probate of a person's estate after that person dies. They are entrusted with investing the monies and generally safeguarding them. Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters, Due to precautions related to COVID-19, we expanded our options for remote consultations. Under the law, it allows the appointment of one executor to be appointed in the will. When does it seem spouses are headed for divorce? A trustee is appointed to hold part of the estate on behalf of the beneficiaries of the estate. The beneficiaries can be an institution or individuals. Some of the distinctions are minor and some are more significant. On behalf of Mark A. Like the executor who manages the assets of your estate, the trustee manages the assets that are put into the trust. N.B The Executor and Trustee can be the same person or different individuals. However, sharing the workload and keeping both parties accountable could be a benefit to naming separate parties. Requirements to be an Executor. But whether they should be the same individual can depend on several factors. 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. The presence of an executor is, therefore, critical to proper probate administration. However, this person also has the responsibilities to oversee your funeral and burial, distribute any assets that fall outside the Trust, and to rummage through your personal belongings after you have passed and make sure they are distributed or disposed of properly. Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. This person is a fiduciary of the estate and its beneficiaries and is known by many names – an executor or personal representative of a will, but in the case of a trust, the same person typically is known as a trustee. Can the Same Person Be an Executor & Trustee? He holds the coveted CFP designation from The Certified Financial Planner Board of Standards in Washington, DC, and is a Registered Investment Adviser with the state of South Carolina. Consult with an estate planning attorney to find out if yours is one of them. An executor of a will is charged with distributing and managing the estate of the deceased. Additionally, a living will may also name a conservator, but not an executor. Estate documents name an individual to manage and distribute someone's assets after they die. Executor: Should It Be the Same Person? N.B The Executor and Trustee can be the same person or different individuals. You likely chose your appointed person as the executor of your estate because you feel he or she is trustworthy and responsible. Will-makers commonly appoint one or more persons as "executor and trustee" of my estate. aarpsegundajuventud.org P o r últ imo , s u albacea o fideicomisario de berí a se r el tipo de persona que concreta lo que se p ro pone y no d el que habitualmente deja todo para más tarde ni tampoco alguien proclive a … Naming the same person as your executor and your successor trustee might present complications depending on the laws of your state. If two different people are named to these jobs, they must work closely together. They do not however, need to be the same person. Essentially, it is up to you to decide who you feel best suits the positions. The role therefore carries a great deal of responsibility, and potentially some liability. 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