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FAQs
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What does a trustee do after death?
As trustee, you are responsible for safeguarding the funds for the beneficiaries. Pay outstanding bills or debts. If the trustee does not pay bills, he or she may be held personally liable.
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Can the executor and trustee of a will be the same person?
Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. ... It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal.
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What is the difference between a trustee and executor of a will?
An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.
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Can an executor be a trustee?
The main difference is that the trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions in the Will eg applying for probate.
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Can a trustee change a will?
The executors of a will have a duty to act in the best interests of the estate and the people named in it. So, an executor can't change the will without the permission of the beneficiaries. It is technically possible to make changes to a will by creating a deed of variation.
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Can personal representative and beneficiary be the same person?
In fact, not only is it permissible for a personal representative to be a beneficiary of a will, but this is perhaps the most common scenario. When preparing an estate plan, most people choose a close loved one to serve as their personal representative.
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Will difference between executor and trustee?
An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.
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Can a trustee and personal representative be the same person?
The personal representative and the trustee named in such wills are sometimes the same person. In the case of a revocable trust containing a testamentary trust, the trustee continues on as the trustee of the trust after your affairs are settled and the trusts are funded.
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Can someone be both a trustee and beneficiary?
It's quite common to be both a trustee and a beneficiary of a trust. The surviving spouse, for example, is almost always the successor trustee and beneficiary of a family trust. And it's quite common for one adult child to be the trustee and all the siblings to be beneficiaries of their parents' trusts.
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Who has more power executor or trustee?
Your Executor, however, only has power over those assets not in trust, not held jointly, or not in an account with beneficiary designations. ... If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor.
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Does a trust have an executor?
The person who serves as the "executor" of a living trust is called the successor trustee. ... Most of us are at least vaguely familiar with the role of executor of an estate. The executor is the person, named in the will, who is in charge of carrying out the wishes of the deceased person.
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Is executor the same as trustee?
Executors are the people who organise your affairs after your death. Trustees are people who run the trust that your will creates.
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What is a trustee on a will?
A person can be both an executor and a trustee of a testamentary trust. A trustee is only responsible for dealing with specific trusts and has no responsibilities for anything other than those trusts. A trustee is given temporary ownership of certain assets to invest on a beneficiary's behalf.
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Can a trustee be held personally liable?
A trustee is personally liable for a bsignNow of his or her fiduciary duties. ... The duty of loyalty requires that the trustee administer the trust solely in the interest of the beneficiaries. The duty of prudence requires that the trustee is held to an objective standard of care in managing the trust property.
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Who should be a trustee of a will?
Depending on the type of trust you are creating, the trustee will be in charge of overseeing your assets and the assets of your loved ones. Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.
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Can the trustee and beneficiary be the same person?
The person who legally holds and manages the trust property is the "trustee." The person for whose benefit the trust is created and managed is the "beneficiary." The settlor, trustee, and beneficiary can be the same person or persons, they can be different persons or even multiple charitable organizations.
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Do you need more than one trustee?
In most circumstances, it is wiser to name a single trustee whom you truly trust to handle your property fairly, and name one or two successor trustees who can step in to the first trustee's position if matters get out of hand.
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Can trustees be held personally liable?
Trustees must be aware that they can be held personally liable, even if only one trustee has signing power on behalf of the trust and that person makes a poor decision that finds all the trustees liable for his/her negligence. This is, in itself, an onerous provision.
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What does it mean to be an executor and trustee of a will?
Executors are the people who organise your affairs after your death. Trustees are people who run the trust that your will creates.
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Can a trust have more than 1 trustee?
A trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. ... If a trust lacks a trustee, a court may appoint a trustee.
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Can an executor withhold money from a beneficiary?
Executors may withhold a beneficiary's share as a form of revenge. They may have a strained relationship with a beneficiary and refuse to comply with the terms of the will or trust. They are legally obligated to adhere to the decedent's final wishes and to comply with court orders.
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Can an executor take everything?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. ... As an executor, you cannot: Do anything to carry out the will before the testator (the creator of the will) passes away.
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Can an executor steal the estate?
If your suspicions are correct and the executor is stealing from the estate, the executor may face several consequences such as being removed as executor, being ordered by the court to repay all of the stolen funds to the estate, and/or being ordered by the court to return any stolen property to the estate.
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Can you have only one trustee?
In the event that you only have one Trustee in place at the time of your death, then that Trustee can appoint a Co-Trustee to act alongside them to bring the number up to two. However, most people would prefer to choose their Trustees at the outset rather than relying on the sole Trustee to make the choice.
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Can there be only one trustee?
The only Trustee cannot retire unless the Settlor appoints someone else to act as Trustee instead, hence the wisdom of having more than one Trustee. Trustees can still be held responsible for actions carried out whilst they were Trustees.
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Can the trustee and executor be the same person?
Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. ... It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal.
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How many trustees should you have?
Choose people you can rely on to be your trustees and make sure they're happy to take on this responsibility. You should have at least two trustees but can choose up to four.
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Can an executor decide who gets what?
A power of appointment gives the executor of the will or another designated party the power to distribute property according to the executor's discretion, either among named beneficiaries or some class or simply according to the executor's wishes rather than according to any predetermined plan.
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Can a trustee also be a beneficiary?
It's quite common to be both a trustee and a beneficiary of a trust. The surviving spouse, for example, is almost always the successor trustee and beneficiary of a family trust. And it's quite common for one adult child to be the trustee and all the siblings to be beneficiaries of their parents' trusts.
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