What is the difference between a trustee and an executor?

The roles of a trustee and an executor are both significant in Trusts and Estates Law in Pennsylvania. Both are responsible for managing the assets and finances of an estate after the death of an individual. The primary difference between a trustee and an executor is their relationship to the estate. A trustee is a person designated to manage a trust that has been created during the lifetime of an individual. In a trust, the grantor, or individual who creates the trust, puts specific instructions in place that the trustee must follow to carry out the wishes of the grantor. The trustee has a fiduciary obligation to ensure that the trust is managed in accordance with the grantor’s wishes. An executor is a person responsible for administering the estate of an individual who has died without a trust. The executor is usually named in the will of the decedent and is responsible for carrying out the wishes of the deceased. After a person passes away, the executor must distribute any assets, pay creditors, and carry out the stated wishes of the decedent. In summary, the primary difference between a trustee and an executor is their relationship to the estate. A trustee is appointed to manage a trust created by a grantor during their lifetime, while an executor is appointed to manage the assets of a deceased individual according to their will. Both roles have significant responsibility in ensuring that the wishes of the grantor or deceased are carried out.

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