The difference: Executor vs. Trustee #6620
Executor and trustees perform similar functions, though one major distinction is the time commitment that may be required. An executor holds the role only until he or she distributes the deceased’s assets, while a trustee is committed for the duration of the trust, which can span years, if not generations.
An executor carries out the deceased’s final wishes and settles any outstanding financial obligations. Responsibilities typically include:
Filing the will with the local probate court and, if necessary, representing the estate in probate proceedings. Managing assets until they can be distributed to beneficiaries and distributing assets, and disposing of any remaining property.
A trustee manages the assets of a trust. Often the trust’s creator will act as the trustee for as long as he or she is able, after which a successor steps in. Responsibilities typically include:
Investing assets prudently, record keeping and reporting and distributing assets according the terms of the trust.
-Tanya Simpson, Schwab Strategist