In most estates today, it is common to appoint the Executors as Trustees. The main difference is that trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions and wishes of the Trustees during this time.

That is your decision. You could name your spouse or domestic partner as your executor or trustee. Or you might choose an adult child, another relative, a family friend, a business associate or a professional fiduciary such as a bank. Your executor or trustee does not need any special training. What is most important is that your chosen executor or trustee is organized, prudent, responsible and honest. See similar questions...

After an individual's death, the executor of a Will (in Maryland, known as the "personal representative") and the trustee of a Revocable Inter Vivos Trust serve almost identical functions. Both the executor and the trustee are responsible for insuring that the decedent's wishes, as expressed in the Will or Revocable Inter Vivos Trust, are fully implemented. See similar questions...

In all Chapter 7, 12, and 13 cases, and in some Chapter 11 cases, a trustee is assigned. In Chapter 7 cases they are called a "panel trustee," and a group of some two dozen trustees are assigned by rotation. In Chapter 12 and Chapter 13, the trustee is always the same, and is called the "standing trustee." That means that your Chapter 12 trustee will likely always be the same person, and your Chapter 13 trustee will always be the same person. See similar questions...

Second, the Executor is responsible for meeting all the legal and financial requirements of settling an estate and managing the assets until they are distributed or placed in a trust. A Trustee is responsible for all aspects of operating a trust. This includes managing the assets, banking, record keeping, and distributing the income and capital to the beneficiaries. See similar questions...

A simple list of an Executor's duties includes over 40 different tasks required to settle an estate and they generally take about a year to complete. The responsibilities may include meeting with the beneficiaries, lawyers, and accountants, as well as liaising with appraisers, real estate agents, the Canada Revenue Agency, insurance companies, and pension providers. See similar questions...

attorney-in-fact of a power of attorney makes decisions for you when you are alive. An executor of a last will and testament makes decisions on behalf of your estate after your death. See similar questions...

Yes, it is usually advisable to name alternate fiduciaries in your original Will or Trust in case your original choice is unable or unwilling to serve. See similar questions...

Guardians, executors and trustees do not need to sign a document in advance of being named in a Will. However, trustees under a Living Trust do need to sign a trust document. Most clients confer with prospective executors, guardians or trustees in advance of naming them in their Wills and Trusts. Named executors, guardians and trustees may withdraw from serving if they are unable or unwilling to act in that capacity. See similar questions...

Please direct inquiries to Julie Ortmeier, Senior Counsel for Estate/Trusts, at (202) 303-5356 or OrtmeierJ@usa.redcross.org. See similar questions...

No. A Board of Trustees is equivalent to a Board of Directors. Some nonprofits find it advantageous to have a Board of Advisors and may choose to describe its powers in the bylaws. A Board of Advisors has no legal authority, unless the bylaws or articles indicate otherwise. See similar questions...

If the repeater or remote base is operating under the auspices, and using the callsign of an individual amateur's personal station license, then the operator is the "licensee" of the station, not the "trustee." If it is operating under the auspices of an FCC-issued club station license, and using the FCC-issued club callsign, then the person whose name appears on the license is the "trustee," not the "licensee." See similar questions...

Executor is named in a Will as the person who is to Probate the Will (apply to the Court for Letters Probate) and administer the estate of a deceased person in accordance with the deceased's wishes as set forth in the Will. If there is no Will, a person can apply to the Court for Letters of Administration and be appointed Administrator of the estate. The Administrator administers the estate in accordance with the provisions of the Estate Administration Act . See similar questions...

In most instances, when a person dies owning property of any real value, it is necessary to appoint someone to administer the estate. That someone could be an individual close to the deceased, a bank or trust. That individual who acts for, or "stands in the shoes of," the deceased is called the personal representative. If the personal representative is named in a will and the will is accepted as valid that person is known as the executor. See similar questions...

A trustee is a person who administers bankruptcy cases. The trustee does not represent the debtor or any individual creditor and cannot give legal advice. Rather, the trustee has independent rights and duties that are set forth in the Bankruptcy Code. In a chapter 7 case, the trustee may take possession of the debtor's assets, sell them, and distribute the proceeds to creditors. See similar questions...