When does the executor switch to the role of trustee?

Once the executors have collected the assets and paid the debts of the estate, the executors role shifts to the role of trustee. The trustee holds the assets in trust until they are to be distributed to the beneficiaries or transferred to any trusts created under the Will.

Can a family member serve as an executor or trustee?

There may be situations that call for multiple executors/trustees or institutional trustees, either serving alone or with a family member or friend. It can be ok to have a family member as your executor or trustee—but a thorough understanding of the role that these fiduciaries play will help you know whether that’s the proper decision.

Who is a fiduciary and who is an executor?

Both the executor and trustee are fiduciaries —they owe a duty of loyalty and are responsible to administering the estate or trust solely in the best interest of all the beneficiaries.

What should an executor of an estate do?

The executor may also need to obtain access to digital assets (i.e. email accounts, social media pages, etc.) to secure them from unauthorized use. Now, consider the trustee for an estate with a trust.

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

Is it better to name same person as executor and successor trustee?

Advantages of Naming the Same Person. Naming the same person as the executor of the estate and successor trustee of your revocable living trust will minimize expenses. The attorney helping to settle the estate and the trust will only have one person to work with when addressing issues that may come up.

How is the executor of a will appointed?

The executor (some state laws call this the personal representative) is appointed by the probate court pursuant to the decedent’s last will. The executor is responsible for managing and settling the estate.

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 .*