What is the difference between an Executor and a Trustee?

Wednesday, 11 September 2013 00:36 Written by 
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I am often asked to explain the difference between the role of an Executor and that of a Trustee. The role of an Executor is quite different to that of a Trustee and it is important to understand this when considering your Will.

An Executor deals with the winding up of the estate and by that I mean obtaining any grant of representation, settling any liabilities and distributing the estate to the beneficiaries.

However, if there are Trusts in the Will, for example, where there are young children, the assets bequeathed to the children are passed by the Executor to the Trustees to look after for the children until they are of age. 

You can appoint the same people to be you Executors and Trustees or you can appoint different people, if you wish. YOU have the choice.

It goes without saying that they must be people you trust implicitly and certainly people that are expected to outlive you. You should also check that they are willing to take on the role of Executor or Trustee, roles which, at times, can be somewhat onerous.

 

 

Read 18299 times Last modified on Sunday, 29 September 2013 17:57
James Mackenzie

James Mackenzie is a Private Client Solicitor specialising in Wills, Lasting Powers of Attorney, Probate and Estate Administration and related tax advice, especially inheritance tax.