Estate administration can be incredibly complex, and an experienced lawyer will help make the process much smoother. The Trustee Act, for example, defines a “personal representative” as an executor, an administrator, or an administrator with the will annexed. First, a trust is activated when the grantor signs it. If you die without a Will, state law determine who will inherit your estate. Estate Planning: Living Trusts vs. Estate … You have worked hard your whole life to build your savings, and … If the trust owns rental real estate, the trustee would be responsible for managing the property, including dealing with tenants, repairs, insurance and any required inspections. A person’s estate is all of their property owned at death. … As nouns the difference between trustee and trustor is that trustee is a person to whom property is legally committed in trust, to be applied either for the benefit of specified individuals, or for public uses; one who is intrusted with property for the benefit of another; also, a person in whose hands the effects of another are attached in a trustee … Often, when a property goes into foreclosure it is entrusted to a "trustee" to try and resell the property in an attempt to recoup any losses. But, that person almost certainly owns other assets in their own name (like their everyday checking account, their car, and their tangible personal property). Depending on state law and the terms of the trust documents, a trustee … Identify the Heirs. The Role of a Trustee in Southeastern Massachusetts The role of a trustee is different than the role of an estate executor. Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. If you have a Will, that document states who inherits your estate. successor trustee. FACEBOOK TWITTER LINKEDIN By Dan Moskowitz . Liza is also the author of The Mom's Guide to Wills and Estate Planning and The Trustee's Legal Companion. The Rules of Civil Procedure use the term “estate trustee”, … Beneficiary … Each trust agreement is managed by a trustee or co-trustees who follow the trust agreement instructions relating to all property in the trust. They would ordinarily have a special kind of Will (called a pour-over Will) that says that all of these things should be added to their trust upon their death. She is a Certified Specialist in Estate Planning, Trust, and Probate Law by the State Bar of California Board of Legal Specialization. A successor trustee is named and will act if you or the initial trustee cannot act. Most estate documents such as a will or a trust will list the heirs to the estate and … Its main definitions are (1) one that holds legal title to property in order to administer it for a beneficiary, and (2) a member of a board directing the funds of an institution.It can also be a verb meaning to place in the care of a trustee… Did our house get taken out of the trust? The roles of an executor (personal representative) and a trustee are similar in that they both act for the benefit of the beneficiaries of the estate. Posted by Liza Weiman Hanks in Estate Planning Basics. The beneficiary refers to whoever receives the property that is part of a trust, while the trustee is whoever controls that property and distributes it according to the trust deed. Normally you want to have a special kind of Will (called a pour-over Will) that says that all of these things should be added to your trust upon your death. 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