A trustee is someone who handles anything that is held in a trust and is named in said trust. When planning an estate, a person can choose to create a living trust, which can prevent the need for probate, making the duties of the trustee easier. In most cases, the trustee will have similar duties to the executor with the added task of handling probate. Our lawyer in Raleigh NC is here to discuss this further.
Estate Trustee | Lawyer in Raleigh NC
Another difference between an executor and a trustee is that when probate is complete, the executor has completed his or her job. However, a trustee may have ongoing duties if the assets are not distributed right away. If there are instructions for the trust to continue on after the person has passed away, then it is the trustee’s job to maintain it. For instance, if assets are left to someone under 18 years of age, the trustee will have to oversee the funds until the person reaches legal age. In these cases, it is sometimes advised that the executor is also the trustee and that anyone named as guardian is not the trustee.
Both an executor and a trustee may receive compensation for their services. The executor may get a statutory fee, which is a percentage of the value of the assets subject to probate. A trustee receives compensation based on his or her experience and skill level. When a bank or trust company is used to manage a trust, they often have fees for their services.
Remember what we mentioned in our previous blog; in both cases, more than one person can be named. A will can name two or more executors of the estate, and a trust can have more than one person named as a trustee. If that occurs, all parties may need to act together in the best interest of the estate. It is important to name people who are trustworthy and will get along so that there will not be any complications in the distribution of an estate. We will continue this discussion in our next article. Be sure to visit back soon.
Missed our previous blog? Visit back with it, here, to learn more about this important matter.
Estate planning is one of the most important parts of life that often times get overlooked. If you've yet to begin planning or haven't updated in a while it might be time to think about doing so. Just contact our lawyer in Raleigh NC to begin estate planning, today. As always, for more information from Eldreth Law Firm, PC be sure to visit back with us, soon! If you have any questions, contact us concerning any and all estate planning concerns!
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