Guidelines for Individual Executors & Trustees Form
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People also ask
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What is the fiduciary responsibility of an executor?
The fiduciary duties of executors include: Administering the estate ing to the terms of the decedent's Will. This includes marshalling and valuing the assets of the estate, paying debts and taxes, and distributing the remaining assets to the beneficiaries ing to the terms of the Will.
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Can an executor override a trustee?
Because they both have separate areas of responsibility, an executor cannot override a trustee, and a trustee cannot override an executor. Effectively, executors and trustees have separate duties and control over separate administrations, so while they often collaborate, they need not.
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Who has more power, an executor or a trustee?
The answer to who holds more power depends largely on the context and specific circumstances of the estate or trust. Here's a summary to help clarify: Duration of Authority: Trustees often have ongoing responsibilities and powers that can extend indefinitely, while executors have a more limited, temporary role.
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Who is the best person to appoint as trustee?
If you choose an individual, you should name more than one in case your first choice is unable to act. They should be people you know and trust, people whose judgment you respect and who will also respect your wishes.
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Should executor and trustee be the same person?
Naming the same person to be both your Executor and your Trustee could result in giving that person a tremendous amount of power over your assets. Sometimes, including a built-in system of checks and balances by appointing different people to the positions is a better choice.
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Who has more power, an executor or a trustee?
The answer to who holds more power depends largely on the context and specific circumstances of the estate or trust. Here's a summary to help clarify: Duration of Authority: Trustees often have ongoing responsibilities and powers that can extend indefinitely, while executors have a more limited, temporary role.
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Can a trustee override an executor?
Because they both have separate areas of responsibility, an executor cannot override a trustee, and a trustee cannot override an executor. Effectively, executors and trustees have separate duties and control over separate administrations, so while they often collaborate, they need not.
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Can an executor and a trustee be the same person?
When a close friend or family member passes away, you may be surprised to learn that you have been named to serve as executor, trustee or guardian. Sometimes you can be named to fulfill two of those roles or even all three, which carry immense responsibilities.
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