What is the difference between an executor and a trustee?

An executor and a trustee are important roles in estate planning law in West Virginia. Understanding the differences between them is important when creating an estate plan. An executor is the person responsible for administering the estate of a deceased person. The executor is appointed by the deceased individual in their will and is responsible for carrying out the wishes of the deceased. The duties of the executor include gathering the assets of the deceased, paying debts and taxes, and distributing the remaining assets to the beneficiaries. A trustee is a person or organization appointed by the court or an individual to manage and distribute funds on behalf of a beneficiary. Trustees have a fiduciary duty to act in the best interests of the beneficiary. Trustees can be used for many estate planning purposes, such as setting up trust funds for children or managing investments. The main difference between an executor and a trustee is that the executor is appointed by the deceased individual and is responsible for carrying out the wishes of the deceased, while a trustee is appointed by the court or an individual to manage and distribute funds on behalf of a beneficiary. Both executors and trustees are important roles in estate planning law in West Virginia. Understanding the differences between them is important when creating an estate plan.

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