If you have recently started making a will or started the process of estate planning, you might be overwhelmed with the nuances and jargon that comes with legally planning your end-of-life affairs. You will be asked to name people to certain positions and dole out responsibilities, create benefactors and much more. However, one of the most frequent questions that get asked in probate attorney Sarasota offices is what the differences between executors and trustees are.
Both roles are extremely important to making sure your end-of-life affairs and your wishes go smoothly; but their functions are quite different. Trustees have oversight and responsibility over the trust you will create with a probate attorney Sarasota residents trust when writing your will. This person will have responsibilities financially even while you are alive. The executor is the person makes sure all your affairs are in order and the will is carried out after you die.
Do I Need an Executor and a Trustee?
Everyone should have an executor, but not everyone will have a trustee involved in their end-of-life affairs. Trustees are only named if a trust is created in your will. Not everyone will create a trust or need a trust. Your lawyer can help you determine if you need to name someone for both roles. In many cases, the executor and trustee will be the same person which make things easier, but they can be separate people. Trusts can also be managed by trust corporations fi you do not want to choose an individual family member or friend to handle the finances of your trust.
A probate attorney Sarasota office might also be called an estate attorney or elder law attorney office as these names are often used interchangeably. The probate attorney will help the executor navigate the process of setting the estate and then executing the will but all parties—attorney, executor, and trustee will need to work closely together. It is important that all parties involved be able to have good working relationships with each other to ensure the process goes as smooth as possible.
If you are ready to start taking about an executor for your estate, call The Law Office of Kimberly K. Muenter at 941-845-6412.