News & Resources: Blog

What is a Trustee vs an Executor?

Published: November 28, 2018
Scott Bloom Law Trustee Blog

A TRUSTEE IS APPOINTED IN A TRUST.

  • A trustee performs an oversight role for the assets in your trust.
  • If the trust is a living trust, then the trustee’s role may be quite similar to an executor, except a living trust is not subject to the oversight of a probate court. In this case the trustee may be empowered, for example, to liquidate the trust’s assets and to distribute the proceeds to the beneficiaries.
  • A trustee is accountable to the beneficiaries, not to a probate court.

AN EXECUTOR IS APPOINTED IN A WILL.

  • The executor will shepherd the will through probate, which is managed by a court process.
  • A judge will oversee the probate process and will ensure the Will is carried out per its terms.
  • The executor is required to pay estate taxes (if applicable), pay creditors and distribute to the beneficiaries listed in the Will.
  • The probate court may request specific reports and statements from the executor; the executor needs to produce these in a timely, accurate fashion.
  • The executor is accountable to the probate court.

Contact Scott D. Bloom law for more information about the role of trustees and executors in your estate planning.

To schedule your free consultation,
email us, or call 1-215-364-1111
or 1-855-992-6337 (Toll Free)

 

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Scott Bloom Is Proud to Be a Part of Upcoming “Ask the Attorney” Panel in Princeton, New Jersey

The next Mercer County Network Connections forum will feature Scott Bloom as an "Ask the Attorney" speaker. It will address Elder Law issues. The purpose of the presentation is to answer questions from professionals who care for and also advocate for seniors. Professionals are often approached by their clients, residents and families with legal questions that are hard for them to answer. The forum gives them the chance to ask questions and to educate themselves on elder care law issues. Joining Scott Bloom on the Attorney panel is Carl Archer of Carl Archer Law and Victor Medina of Medina Law Group. The “Ask the Attorney” forum will be held:
  • Wednesday March 12th
  • 8:30 am
  • Brandywine at 155 Raymond Road in Princeton, New Jersey
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