What is the difference between an Executor and a Trustee?
An Executor is the individual or entity named in a will to oversee the administration of assets passing under the will. If probate is required, the Court will officially appoint an Executor, and issue “Letters of Office” to the Executor. Letters of Office give the Executor authority to handle the assets involved, called “probate assets.” A Trustee, on the other hand, is the individual or entity named in a Trust to oversee the administration of assets held in the name of the Trust. Finally, whereas the Executor is discharged when the estate is closed, the Trustee may have ongoing responsibilities pursuant to the terms of the Trust.
