What is the difference between an executor and a trustee?

The executor and trustee are both important roles within estate planning law in Nebraska. An executor is responsible for carrying out the instructions of the deceased’s will. It is their job to administer the estate and make sure all debts are paid and all assets are transferred to the beneficiaries of the estate. An executor is also responsible for filing taxes and finalizing the estate. A trustee is responsible for managing trust funds - which are designed to manage and protect a deceased’s assets. Trustees have the legal authority to manage the assets of the trust and can make investments and manage the funds for the benefit of the beneficiaries - which may include family members or charities. Trustees are also responsible for carrying out the instructions specified in the trust document and making sure the trust fund is used for its intended purpose. In short, an executor is responsible for finalizing an estate, while a trustee is responsible for managing trust funds and making sure the funds are used in accordance with the trust document. Both roles are equally important in estate planning law in Nebraska.

Related FAQs

What is a durable power of attorney?
What happens to my estate if I die intestate?
How can I plan for the future of my minor children after I die?
How do I set up a living trust?
What legal documents will I need to establish my estate plan?
How can I ensure that my pet is taken care of after my death?
How do I register my estate plan with the appropriate court or office?
What tools are available to help me plan my estate?
What is a gifting program and how does it work?
What are the tax implications of estate planning?

What is the difference between an executor and a trustee?

Related FAQs

Related Blog Posts