An executor manages a deceased particular person’s property in accordance with their will. Their duties embody paying money owed, distributing belongings to beneficiaries, and dealing with authorized and tax issues associated to the property. A trustee, then again, manages belongings held inside a belief for the good thing about named beneficiaries. A belief might be established in the course of the grantor’s lifetime or upon their dying. Whereas each roles contain fiduciary duties, they function inside distinct authorized frameworks with totally different scopes of authority.
Understanding the excellence between these roles is essential for property planning and administration. Clearly outlined roles and duties guarantee the graceful switch of belongings and reduce potential disputes. Traditionally, wills and trusts have advanced as authorized devices for managing and transferring wealth throughout generations, reflecting societal values and authorized complexities. Correctly structured preparations, with clearly delineated authorities, present authorized and monetary safety for people and their households.
