What is the difference between a trustee and an executor?

Trusts and Estates law in California dictates the rights and responsibilities of those involved in trust and estate planning. At its core, it is the legal framework that allows individuals to manage their financial and personal affairs. One of the key components of estate planning is understanding the differences between a trustee and an executor. A trustee is an individual appointed by the creator of a trust to oversee the assets of the trust. The trustee is responsible for managing the trust property, and distributing the trust assets according to the instructions outlined by the trust creator. The trustee has a fiduciary responsibility to the trust beneficiary, acting in their best interest at all times. An executor, on the other hand, is the individual appointed by a decedent to administer the assets of their estate in accordance with their will. The executor’s responsibility is to inventory the assets of the estate, settle any outstanding debts, and then distribute the remaining assets to the designated beneficiaries. Unlike a trustee, an executor does not have a fiduciary responsibility, but rather, a legal responsibility to carry out the decedent’s wishes. Both the trustee and the executor have critical roles in trust and estate planning, and it is important to understand the differences between the two. While the trustee’s responsibility is to oversee and manage the trust assets, the executor’s responsibility is to ensure that the decedent’s wishes are fulfilled. Knowing the differences between a trustee and an executor is essential to understanding estate planning in California.

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