What Is an Executor?
An executor, also called an executor of estate or executor of will, manages your estate after death. It is often a temporary and relatively short-term position, but can be time-intensive. It is referred to as “personal representative” in some states.
What Does the Executor of a Will Do?
An executor of a will has authority from the probate court to manage the affairs of a deceased person’s estate. In other words, an executor is the fiduciary in charge of your probate estate. The executor’s role includes determining what property you owned, taking control of your assets, paying off your final debts, and protecting your remaining assets until they are properly distributed to your beneficiaries in accordance with your Will. Read through our guide to learn more about an executor’s role in a person’s estate plan.
What Is the Difference Between an Executor and a Trustee?
A trustee has a fiduciary duty to administer a trust, while an executor has a fiduciary duty to oversee a probate estate. This means that a trustee is responsible for administering a trust for the benefit of the beneficiaries according to the trust agreement, while an executor is responsible for distributing a deceased person’s assets according to that person’s Will. Typically, a trustee may act for a long period of time (depending on the trust document) whereas an executor’s job is a relatively short term job that ends after a decedent’s estate has been fully distributed to the beneficiaries named in the decedent’s Will.
