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.

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Sometimes after a loved one passes away, the family learns of things they were unaware of while the loved one was living. This was the case for one of our clients, Sam, after his father Tom Jr. passed away. Sam was always under the impression that the home he had grown up in, and that his father had lived in until his death, was owned by Tom Jr. To say it came as a surprise that it was indeed Sam’s grandfather, Tom Sr., who was the actual owner of the home, is an understatement. 

Apparently, when Tom Sr. had passed away nearly 40 years ago, there was no proper estate plan established. Now, Sam would need to open his grandfather’s estate, resolve tax issues that were never addressed, and then go through the legal process to make the home a part of his father’s estate. At first, Sam believed that the entire process would be easy enough for him to handle on his own. However, after digging a little deeper, he quickly realized he would need the help of a knowledgeable and experienced attorney.

Sam reached out to Scott Bloom Law and we developed a game plan for moving forward. We began by probating Tom Jr.’s will and, after some time, we were able to settle the estates of both Tom Sr. and Tom Jr. While it was no fault of Sam, this is a great example of the importance of having an Estate Plan in place. No one wants to leave their families in precarious situations after they pass. The long-term purpose of setting up an Estate Plan today is to preserve as much of your wealth as possible for the intended beneficiaries and retaining a capable attorney can help ensure all of your wishes are met.

At Scott Bloom Law, we are a team of advocates who care, always fighting for what’s best for our clients and their families. With knowledge, experience, and compassion, we strive to find solutions that make the aging process as emotionally and financially easy as possible. Visit us at scottbloomlaw.com or call 215-364-1111, to talk to find out more.

- Case Study: Estate Administration

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