What is the difference between an executor and a trustee?

The terms executor and trustee are often used interchangeably, but they have distinct differences in Texas estate planning law. An executor is responsible for overseeing the distribution of an individual’s estate upon their passing. In Texas, the executor of an estate is referred to as the "Independent Executor." This individual is named in the will of the deceased and is responsible for carrying out the wishes of the deceased as stated in the will. The executor has the duty to collect the deceased’s assets, pay any taxes or other debts that may be due, and distribute the remaining assets to the individuals or entities entitled to them. On the other hand, a trustee is an individual, bank, or other organization given control of assets to manage on behalf of another individual or organization. In Texas, a trustee is typically named in a trust document to manage assets on behalf of an individual to ensure the assets are managed according to that individual’s wishes. The trustee is responsible for managing the assets with the intention of achieving the desired outcome. The trust document will outline the purpose of the trust and what the trustee has authority to do with the assets. In summary, an executor is responsible for carrying out the wishes of a deceased individual as outlined in their will, while a trustee is responsible for managing assets on behalf of an individual to achieve the desired outcome as outlined in the trust document.

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What is the difference between an executor and a trustee?

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