What Is A Living Trust Executor?It can be confusing as to who the major people involved in a living trust is. One phrase commonly confused is living trust executor. Many people do not realize that a living trust does not actually have an executor. An executor is someone who is actually involved when a will is used. In the process of executing a living trust there is actually a trustee who replaces an executor. During a will, the executor is who distributes property, pays final bills, and ensures that everything is divided as specified in the will. In a living trust, the executor is replaced by a trustee who does the same thing. The trustee's job in a living will is to ensure that the property is divided as per the wishes of the grantor. Many people do not realize the difference and do not understand that a living trust executor is not the case. The reason that a trustee is not called a living trust executor is because a will and a living trust are different. Because they are different, the job of the person responsible for following the wishes of the person granting the property are different depending upon whether it is a will or a living trust used. A trustee is different from an executor because a trustee begins their work once the living trust is initiated. In contrast, an executor does not begin their work until after the death. Many people do not realize the differences and just assume that a trustee is actually a living trust executor. This is typically not a huge issue, and very seldom will someone actually correct anyone who makes the mistake. While most try to know exactly what they are talking about, assuming that a trustee is a living trust executor is actually a very common mistake. Mostly due to the large similarities between the two jobs, however there are several large differences between the two. First, a living trust trustee starts working as soon as the living trust is filed. This means that the trustee begins working immediately, rather than upon death. An executor only begins working once death has occurred. This means that it could be years before they actually do anything with the property, and only then once the property has been released from probate. This means that it can be weeks, or even months before the executor actually is able to begin distributing property. While it is obvious, there are several very large differences, between a living trust trustee and a will it is easy to see how they can be confused. When you are planning your estate, it is very important to ensure that you do not inadvertently mix up which you need to find someone to assist you with. When you are searching for a trustee, or executor you need to ensure it is someone that you feel that you can trust, whom will follow your wishes as they are written out. It is also good to know exactly what the job entails so you can explain it carefully to your selected person. You want to ensure they understand exactly what you want, how you want it, and what their job is. As you can see the idea of picking a living trust trustee, or even a living trust executor as some call the job, or even a will executor is never an easy task. Ensure that you know the differences clearly and you should have no problems finding the right person to help see your estate managed in the manner in which you have selected. |