Who is a good choice for an Executor/Trustee?
Any candidate for Executor is usually also a good choice for Trustee, and vice versa. The Executor controls all non-trust assets at death. The Executor is charged with the duty of notifying heirs of estate proceedings, taking an inventory of the estate assets, giving notice to creditors, evaluating and paying claims against the decedent, filing income and estate tax returns as needed, managing the properties of the estate within the limitations established by the decedent’s will and the probate laws, paying all professional fees and expenses, and eventually distributing the estate to heirs and legatees. These same duties fall to a Trustee for all trust assets. A good candidate for Trustee, whether an individual or corporate fiduciary, should possess certain fundamental characteristics. First, and above all, the candidate must be knowledgeable about what a Trustee is and does. A Trustee must be trustworthy, reasonable, well-organized, and responsible, and must possess good listening ski
