Executors and Administrators, or Trustees in Fiduciary duties
What is a fiduciary?
There are several kinds.
Today we will focus on the roles of administrator, executor, and trustee.
How are these roles different?
Each type of fiduciary carries a high responsibility. It’s a person in who much trust is placed.
This applies to legal, ethical, and monetary responsibilities.
The key differences in these fiduciaries are:
- In a Will the executor carries these responsibilities.
- The court appoints an administrator if the Will does not have an executor.
- In a trust, its the trustee.
If you are an executor you are doing yourself a big favor by digging in and researching on the web. Here, we aim to supply a broad collection of facts and ideas that will make your duty better for all involved.
Naming an Executor for Your Will
Think deeply about doing this before you announce who the executor will be. It is something that will require much of that individual when you are gone.
It is going to take time. Especially in the absence of an up to date trust. Probably 6 – 18 months. The executor will be having family meetings. They will gather all of your bills. Medical expenses, legal expenses, credit cards, mortgages, and so on. They will oversee the sale of valuables that are not bequeathed to heirs.
No doubt, this is a person who you would trust with everything. That includes your money, your house, your family, and your burial wishes. They will carry out every single last written wish you state in your Will. So choose wisely.
Above all, realize that Executors and Administrators both carry out the same roles. If you want a say so in who represents your estate when you pass you will need to choose an executor to be named in your Will.
Educate yourself about the role of an Executor
There’s a great book you can read called The Executor’s Guide. Settling a Loved One’s Estate or Trust, by Mary Randolph. You can grab a copy on Amazon or borrow mine. I’ll be happy to loan it to you. It’s one of the benefits of being a patron on our site.