Estate Planning Archives - Wealthspire

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,…

Trustee Definition A trustee is a person or a company that manages the trust assets for the benefit of a third party or beneficiary, according to the terms of the trust document. Furthermore, a trustee manages and executes decisions for the beneficiary’s benefit and best interest. When creating a trust, it is important to consider possible questions that can help guide you through the creation process. Is a Trustee the Same as a Beneficiary? Although both are included as part of your overall estate plan, beneficiaries and trustees play different roles. The beneficiary is the individual who may receive the…