Who has more power, an executor or a trustee?
Who has more power, an executor or a trustee?
Both an executor and a trustee have a strong administrative component.
If you've ever heard the term "executor" or "trustee," it's likely to have been in a legal context. Those terms tend to come up in discussions about wills, estates and probate. There are a few key differences between an executor and a trustee, but for the most part their roles are similar.
The executor of the will is charged with the duty of carrying out the will's instructions, including collecting and distributing the estate's assets. The executor of an estate holds a legal title to the assets of the estate, but he or she has no legal right to use those assets for his or her own benefit.
The trustee, on the other hand, controls the assets of a trust. A trustee may use trust assets for his or her own benefit if it is defined in the trust agreement, if permitted under applicable law, or if it is deemed necessary by a court in order to carry out the purposes of the trust. A trustee may be required to give an accounting of his or her actions and expenses when he or she completes a term as trustee, whereas an executor has no such obligation.
A person named as executor has a dedicated fiduciary responsibility to carry out all duties imposed on him or her by that role. This means that he or she must act solely in accordance with the directions given in a will.
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
