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When someone passes away, their estate needs to be administered according to the terms of the will or trust. This process involves distributing assets, paying debts, and handling various legal and financial responsibilities. Executors and trustees play crucial roles in this process.
What is an Executor?
An executor is the person named in a will to carry out the decedent’s instructions. The executor’s duties include:
- Locating and managing the decedent’s assets.
- Paying any debts and taxes owed by the estate.
- Distributing assets to the heirs according to the terms of the will.
What is a Trustee?
A trustee is appointed to manage the assets held in a trust. The trustee’s responsibilities include:
- Managing trust assets prudently.
- Distributing assets to beneficiaries according to the terms of the trust.
- Filing necessary tax returns and ensuring compliance with trust laws.
How to Choose the Right Executor or Trustee
Choosing the right executor or trustee is critical. These individuals must be responsible, organized, and able to manage the complexities of estate administration. Many people choose family members or close friends, but others prefer to appoint professionals like attorneys or financial advisors to ensure a more neutral and efficient process.