Can the same person be executor and Trustee?

When you are creating a will and a trust as part of your estate planning, you need to name an executor as well as a trustee, which can both be the same person, if you wish.

Can an executor appoint a Trustee?

Yes, it is possible for the same person to be appointed as both Executor and Trustee. In fact, this is not uncommon. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it’s important that they are clear on the specific duties and responsibilities of each.

Can an attorney act for a Trustee?

The short answer is that, although an attorney has wide powers to deal with both the donor’s personal financial affairs and their investments, an attorney cannot act on behalf of the donor when the donor is acting as trustee.

Who is the executor and trustee of an estate?

Depending on the Will, you may be named the Executor of the Estate or Trustee of a Trust. The Executor is responsible for taking care of the affairs of the Estate, including probate procedures and filing the decedent’s final tax returns (the decedent is the person who died).

How to deal with an uncooperative executor or trustee?

Another option for anyone who is dealing with a trustee or executor who is not properly handling the estate is to seek his or her removal. In some instances, the will or trust document may set forth reasons for the removal of the executor or trustee.

What kind of attorney do I need to deal with an executor?

If possible, seek out an attorney who is board certified in these areas of the law. You need an attorney who has extensive experience dealing with cases involving trustees and executors who may have mishandled the estate or otherwise breached their fiduciary duty.

Who are lawyers as trustees in real estate?

“Lawyers as Trustees,” that’s the subject of today’s ACTEC Trust and Estate Talk. This is Susan Snyder, ACTEC Fellow from Chicago.

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

Can a lawyer act as an executor of a trust?

Lawyers acting as trustees and executors are usually compensated by the terms of the documents they draft as lawyers. An additional complication in trusts is that the trust may also hold a trustee harmless from certain acts.

When does a lawyer act as a trustee?

A lawyer who acts as a trustee of a trust has fiduciary duties to the beneficiaries of the trust that do not depend upon an attorney client relationship with that person. When an attorney acts as the representative of an estate, fiduciary duties arise that do not depend upon an attorney client relationship.

Can the same person be executor and trustee?

When you are creating a will and a trust as part of your estate planning, you need to name an executor as well as a trustee, which can both be the same person, if you wish.

What is the difference between a trustee and an executor of a will?

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. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.

Who is named successor trustee and executor of will?

In many situations, the same person is named as both successor trustee of the trust and executor of the will. If two different people are named to these jobs, they must work closely together.

Who is the executor of a living trust?

The ‘Executor’ of a Trust – The Trustee. The person who serves as the “executor” of a living trust is called the successor trustee. Most of us are at least vaguely familiar with the role of executor of an estate.

What are the duties of an executor and trustee?

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.

Who are the executors and trustees of an estate?

Can a sister be the executor of an estate?

In the case of an estate, the primary job of the executor is to identify all of your mother’s assets, ascribe a value to them and carry out the provisions of the will (if there is one or, if not, then the specific state intestacy laws). If there is no will, your sister would be known as an administrator rather than an executor.

When to name an executor or beneficiary of an estate?

However, there may be circumstances where it makes more sense to name someone who doesn’t have a beneficial interest in the estate as the executor. Beneficiaries named in wills are often family members, such as the surviving spouse or children of the person creating the will.

How does an executor of a mother’s Estate Act?

She is beholden to the laws of her state where your mother died, and must act accordingly. An executor must always fulfill his/her “fiduciary duty,” which essentially puts the onus on the fiduciary to place the interests of other interested parties (that is, you and your siblings) ahead of their own.