Executor and Trustee

By: Robert S. Meyring*
Attorney at Law
First published in January 2007 edition
BrightSide News.

What is the difference between an executor and a trustee as used in wills, trusts and estates?

An executor is a trusted person who carries out the instructions and directives in the will. The executor is named in the will, chosen by the surviving family or appointed by a probate court if needed.

When there is no will there is no executor. Instead the person who would oversee the handling and distribution of property from the intestate estate is called an administrator. You could say the administrator does the same activities as the executor, just without the will instructions.

A trustee is a person or institution appointed to hold and distribute money or property for or to a beneficiary according to instructions found in a will or trust. For example, a will can say: “Half of my money shall be paid to my brother Jim to hold for the benefit of my children and to be paid in equal shares to each of my children when they reach 21 years of age.” Trusts like this are often written into the wills of spouses with young children. Jim is the trustee here. If the creation of a trust arises from a will, an executor is often the one to set it up. Trustees are often named in the will. Trusts must have property or money to distribute.

Trusts are one of the most versatile tools for estate planning, for management of assets or for the current assistance or protection of your loved ones.

*Robert S. Meyring, of Meyring Law Firm offers free 10 minute phone consultations at 678-217-4369. The Meyring Law Firm is located 200 feet east of the railroad crossing on Paces Ferry Road, Atlanta. More information at www.MeyringFirm.com.