The executor represents the dearly departed. When you are creating a will and a trust as part of your estate planning, you need to name an executor as well as a trustee, which can both be the same person, if you wish. The trustee does not have authority over property of the deceased that is not held in the trust. • Executor gets a statutory fee, whereas trustee is entitled to a just compensation for the services he renders to the trust. However, where a Will establishes a trust or trusts within it, the person nominated as executor will often have to take on the role as trustee of those trusts. Administering a trust or estate requires the knowledge of legal professional familiar with all of the requirements, rules, and regulations outlined by the California probate court. Naming the same person as the executor of your estate and the successor trustee of your trust will minimize expenses. Trustee vs Executor When making your Will, it is likely you have appointed one or more people an Executor and Trustee; they may be friends, family members or perhaps a trusted professional. A Trustee is appointed in a Trust document, such as a Living Trust, to manage the estate of the person who passed away. An executor carries out of the terms of the will. When handling the affairs of a loved one who has passed away, the executor’s role is vs. a trustee’s role is very different. One of the major differences between Trustee vs Executor is how they are appointed. Accordingly, the Executor role may be limited. To be nominated to be the Executor of a Will imposes upon the person so appointed a fiduciary duty to adhere to the terms of the Will in conformity with California law. If the deceased passed away with a will then there will be an executor to administer the estate. California Trusts vs Conservatorship What happens with a trust is let’s say I have a married couple and they want to avoid the conservatorship as well as the probate. The executor is not in charge of the assets in the trust. An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for performing under the terms of the will and handling the estate. If you trust people in real life terms, you have confidence in their good character. When handling the affairs of a loved one who has passed away, the executor’s role is vs. a trustee’s role is very different. A trustee appointment happens when the trustee accepts the position as outlined in the trust agreement. The trustee must carry out the wishes of the deceased as he or she outlined in the trust instrument. A major difference between a Trustee and an Executor is the amount of authority and discretion each position has. Contact an experienced California probate court attorney at the Grossman Law Firm today for assistance. An executor must follow the probate procedures with probate court oversight. For an executor to do their job properly, he or she must know the identities of any heir and have a solid comprehension of the will. A trustee is an individual named under a trust to oversee the administration of trust property. These are trusts that only become effective upon the death of the grantor, the person who makes and funds the trust. While every will creates a unique circumstance, most wills complete the probate process within two to three years. This topic of trusts provides general information only about the types of trusts in California and trustee duties and responsibilities.. • Though there are similar duties and functions of executors and trustees, an executor has to be appointed by the probate court; trustees need not deal with the probate court. The executor’s duties end as soon as the probate court proceeding ends. Executors must obtain a … A trustee is an individual named under a trust to oversee the administration of trust property. That … Unlike love, trust implies a respect for someone's good sense. EstateExec provides the following executor compensation estimator for CA estates, but please keep in mind that circumstances may vary, and that there may be special situations addressed by local custom or law. An executor is more of a liquidator, whereas a trustee is more of a business manager. And that liability can last decades…it can even be imposed after the death of the Executor, as discussed below. In California, testamentary trusts are also called probate trusts. An executor of a will remains in place for the duration of the probate process. This person is tasked with administering and distributing the estate. Frequently, testamentary trusts are created within the grantor's will, and often the grantor's intent in including a probate trust is to provide a managed fund for the benefit of minor children. The Trustees are the people responsible for looking after the assets in the Trust for the benefit of the named beneficiaries. The executor is only in charge of overseeing the assets that are a part of the probate estate. Executor & Trustee Guidelines If you have been named executor of a will or trustee of a trust, these guidelines can help you understand what's expected of you in the process. The executor’s duties also include the requirement to obtain an accounting of assets by the trustee or trustees. For those who have never been involved in handling the affairs of a loved one, this process can be overwhelming. An experienced probate lawyer can assist you in understanding the difference in the roles of an executor vs. a trustee. Estate Executor Laws in California; California Real Estate Trust Laws; Think of the verb "trust." Knowing the differences between an executor vs. a trustee in California can help you a lot! Fortunately, an experienced Riverside probate attorney can walk you through the estate administration process. Can a Co-Trustee Act Alone. The person who creates the trust is called the trustor or grantor may also be named trustee until he or she dies, and at that time, a successor trustee … Trustee –What’s the Difference? The main difference between a trust and a last will is that trusts avoid the probate process. In fact, choosing the same person for both roles can streamline how your estate and trust are administered and ensure your wishes are carried out on both fronts. The deceased may have named any individual that he or she wanted to serve in this role. Property that is in a trust is managed by the trustee. California probate laws and intestacy rules dictate which individuals can serve in this role, how an appointment as administrator is obtained, and how and to whom the administrator must distribute the property of the deceased. The executor of a will has an incredibly difficult and important job – to see to it that the contents of your will are respected, within the constraints of the law and their abilities as executor of your estate.. Who Decides Who Serves as Successor Trustee. Usually, executors are close family members of the deceased—spouses, children, parents, or siblings—but the person writing a will (the “testator") can choose anyone to fulfill this role. © 2018 The Grossman Law Firm, APC | All Rights Reserved. To learn more about the types of estates that involve both an executor and a trustee, read our article, 8 Situations that may Require a Trust and Probate Administration in CA. © 2018 The Grossman Law Firm, APC | All Rights Reserved. Executor For Estate Planning? You feel you can rely on a trustworthy person not to take advantage of you, cheat you, steal from you or lie to you. It is often time-consuming, lengthy, and expensive. https://www.bequeathed.org › ... › difference-between-executor-and-trustee | Site by SEO Praxis Riverside, 525 B Street, Suite 1500, San Diego, CA 92101, The Insider’s Guide to California Probate and Trust Administration. Trustees are responsible for administering a trust to the beneficiaries according to a legal agreement, whereas Executors distribute a deceased person’s assets according to a will. A tru… Probate court is the judicial system section responsible for settling wills, trusts, conservatorships, and guardianships. A trustee carries out the terms of a trust. If most of the decedent’s assets were held in the trust before they died, the executor’s role is limited. An executor and a trustee are similar in that they both have a duty of absolute care to the beneficiaries of the estate/trust, but their roles in respect of the beneficiaries are quite different. The trustee could be an individual or a corporate entity. After death, this court might examine your … They do not however, need to be the same person. There is no right or wrong solution. A California administrator is a person entrusted with the responsibility of administering the estate of a deceased when the deceased passed without leaving a validly executed will. A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate. The following is an overview: An executor is a person named under a validly executed California will. An experienced attorney can also help you understand your role and responsibilities. In fact, the Trustee is required by California Trust law to (1) follow the terms of the Trust, and (2) follow the requirements of the California Probate Code for Trustee duties. The attorney helping to settle the estate and the trust will only have one person to work with when addressing any complicated issues that may come up. Even though the Trustee calls the shots, that does not mean the Trustee can do whatever he or she likes. In probate, a court oversees the distribution of a deceased's property. The role of a Trustee is very different to the role of the Executor, and Trustees will only be needed if a Trust arises under the Will. The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased's final tax returns. A living trust (inter vivos) is a legal relationship where one person, called the trustee, holds the property for the benefit of another, called beneficiary. If the deceased passed away with a will then there will be an executor to administer the estate. This means that the role of executor and successor trustee can be held by the same or different people. Both Trustees and Executors are legally required to follow the terms of the Trust or Will and make distributions to the Beneficiaries in accordance with the Trust or Will terms. Always consult with an attorney or law firm well versed in trusts and estates and/or a licensed tax professional. That duty can impose personality liability upon the Executor should he or she fail to perform as required. Call our office at our toll-free number, (888) 443-6590 or chat or submit a contact us form. Often, individuals question what it is to be a California executor, administrator, and trustee. Executor v. Successor Trustee- After Your Death. CA Compensation Calculator. Estate Executor Duties. Many people create trusts specifically to avoid court oversight and dictate on their own terms how and to whom their property is distributed upon their death. Often, a trustee may avoid involving the probate court. Probate may even be a beneficial process in that there is an independent and skilled entity, the probate court, overseeing the process to make sure that everything happens as you would like it to. That brings us to Trustee duties and responsibilities. To learn more about what it is to be a California executor, administrator, and trustee, contact an experienced Riverside trust lawyer at our toll free number: (888) 443-6590. The executor is in charge of carrying out the wishes of the deceased as he or she outlined in the will. Why Am I Being Denied My Rightful Inheritance? Why Am I Being Denied My Rightful Inheritance? Some of the distinctions are minor and some are more significant. If the deceased passed away without having a trust or an estate plan set up to avoid probate, there will be an administrator named to oversee the majority of the administration. A trustee is only responsible for dealing with specific trusts and has no responsibilities for … A person can be both an executor and a trustee of a testamentary trust. It would be our pleasure to further assist you. An executor may take on the role of trustee if there is a trust established by the Will When an executor has completed all of their duties, their role ends. Do You Need Both a Trust and Probate Administration in California? Once the trust property has been entirely distributed, the trustee is no longer needed because the trust terminates. What’s the Difference Between a Trustee vs. Similarly, neither the executor nor the administrator has the authority to dictate the distribution of property that is held in trust. An executor is the person who handles a deceased person's estate, making sure all property is distributed according to the decedent's wishes and that all debts are paid. The information provided here does not offer legal advice or explain all there is to know about trusts. An executor and trustee both act as managers, but the trustee’s duties and responsibilities often last as long there is a still a trust, which can be for several years. | Site by SEO Praxis Riverside, 525 B Street, Suite 1500, San Diego, CA 92101, The Insider’s Guide to California Probate and Trust Administration. Legal guidance can be of great assistance when you are administering an estate or a trust, especially if you have limited knowledge of this complex legal process. Executor vs. Speak to an estate planning attorney today. "Personal representative," "executor" and "trustee" are some of the titles you'll encounter. An Executor/Personal Representative is named in a Last Will and Testament, often times referred to as a Will. California Trustee Responsibilities and Duties. In addition, our free guide, The Insider’s Guide to California Probate and Trust Administration, provides additional information about what to expect during the estate administration process. Trusts vs Conservatorship: Trusts and proper estate planning documents allows families to manage the estate and trust without judges telling them what to do. A trustee remains responsible for carrying out your wishes for as long as it takes for the beneficiaries to receive their assets. When the court admits a will into probate, then the court appoints an executor. Similarly, neither the executor nor the administrator has the authority to dictate the distribution of property that is held in trust. As per probate code section 15620, unless otherwise provided in the trust instrument, a power vested in two or more trustees may only be exercised by their unanimous actions.If the co-trustees cannot decide, they can petition the courts (probate code 17200) to provide directions to the co-trustees. Upon your death, your Attorney-in-Fact’s power ceases and your Executor’s power, assuming he or she is appointed by the Probate Court, commences. Personal representatives, executors, and trustees are all fiduciaries – a term that means they're entrusted to ethically and fairly deal with the affairs of others – but they can play very different roles in Each of these three roles, California executor, administrator, and trustee are different and apply in distinct situations. See California Probate Code, §§ 10800-10805. In summary, the probate process and probate avoidance through living trusts each have their pros and cons. 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