If you’re writing your will and want your assets to be distributed as desired, then while completing the paperwork, you may come across terms like trustee and executor. It is crucial to understand the executor and trustee’s role to navigate the will-writing process smoothly. Plus, it also helps ensure that the probate process after your demise is carried out seamlessly. So, continue reading for more clarity about the executor and trustee roles. It is also advisable to get professional assistance from an experienced estate law attorney in Queens to clear ambiguities and ensure everything goes according to your wishes.
What is the Role of Executors?
The testator (the person creating the will) selects an executor with the legal duty to administer the testator’s estate after their demise. The executor is responsible for ensuring that the beneficiaries mentioned in the will receive the estate asset according to their will.
The executor has to administer the deceased individual’s estate, including their personal assets and real estate owned. The end goal of the executor is to streamline the probate process by ensuring that the assets’ distribution to the beneficiaries is fair and hassle-free. Other responsibilities of the executor include:
- Filing the complete probate court documents/paperwork
- Managing the probate process
- Sending notice to the estate’s beneficiaries and creditors
- Ensuring that the bills, taxes, and debts of the estate are paid
Defending the estate’s will against its validity (in case it is challenged after the estate’s demise)The Role of the Trustee.
What Is the Role of Trustees?
In contrast to the executor, the role of the trustee is to administer and manage a trust. A trust is a legal arrangement where the trustee is appointed to hold assets on the beneficiary’s behalf. A beneficiary is the recipient of the trust’s assets.
Once a trustee is appointed and they sign the trust agreement, they will have the following responsibilities:
- Legal bound to act in the beneficiary’s best interest always
- Protect the trust assets
- Keep accounts of the liabilities, assets & creditors of the trust
- File taxes on the trust’s behalf
- According to the trust agreement, distribute the assets to the beneficiary/ beneficiaries.
Contact Litigation lawyer Brooklyn for more information or estate planning assistance. Benefit from our Probate lawyer Brooklyn. Schedule a consultation today.
Ledwidge & Associates
Latest posts by Ledwidge & Associates (see all)
- Addressing The Incapacity of Loved Ones - September 6, 2023
