What is the role of a trustee vs an executor after someone is deceased?
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What is the role of a trustee vs an executor after someone is deceased?
A family member is the executor of the Will while the deceased lawyer is the trustee and has been the trustee. What’s the transition process here? There are no properties involved. Cash, stocks, and bonds.
Asked on February 23, 2012 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. This is not n easy question to give guidance on because one needs to read the documents involved. It sounds as if there was a trust that was administered while the family member was alive. Botha trustee and an executor are fiduciaries with great responsibilities. The executor is responsble for handling the assets of the estate and if the Will funds a trust then probably transferring the assets in to the trust, The trustee would take over after the assets are transferred. Please seek legal help - and not from the trustee. Good luck.
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