What is the difference between an executor and a trustee?

An executor and a trustee are both individuals that are appointed by a will-maker to act on behalf of the estate in a variety of ways. The main difference between the two roles is that an executor is primarily responsible for carrying out the wishes of the deceased as outlined in the will while a trustee is more focused on protecting the funds and interests of the estate. An executor is the individual appointed in the will to handle the estate after the death of the will-maker. This includes settling any debts, filing necessary paperwork, and distributing inheritance to the beneficiaries. An executor is usually a relative or friend, but they can also be an attorney or other professionals. A trustee, on the other hand, is primarily responsible for safeguarding the assets of the estate. This includes managing the estate’s investment portfolios, maintaining records, and protecting the interests of those who will eventually receive inheritance from the estate. In some cases, a trustee can also advise the executor on how best to manage the estate. In Kansas, both executors and trustees must fulfill a variety of duties. This includes filing necessary court documents and obtaining necessary permits. In addition, trustees are responsible for any tax planning to ensure that the estate has the lowest possible tax liability. It is important to note that trustees are subject to legal supervision and must file certain paperwork with the court.

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What is the difference between an executor and a trustee?

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