During the estate administration process, those with the greatest amount of responsibility are the trustee of any trust and the executor under the will. While in some cases, it may be the same person who is named to fulfill both roles. Therefore individuals serving in both capacities may be pleased to know that the responsibilities for an executor vs. a trustee in San Diego are very similar. Lastly, executors and trustees can also seek the assistance of an estate administration attorney to ensure that their duties are carried out properly.
What are some of the similarities of the roles of San Diego executors vs. trustees?
The following is an overview:
- The executor and trustee are both responsible for carrying out the terms of their respective controlling documents. For the executor, this document is the last will and testament. For the trustee, this document is the living trust and any amendments.
- Executor and trustee each owe a fiduciary duty to the beneficiaries.
- Trustee and executor may each have to prepare to account. The executor will prepare an account for the probate court, and the trustee will prepare an account for the beneficiaries of the trust.
- Both the executor and trustee may be entitled to compensation for their services. This could be defined by statute, or it may be described in greater detail within the will or trust instrument.
- Both the executor and trustee must be aware of tax-related obligations. This may include personal income tax returns, estate tax returns, estate income tax returns, gift tax returns, and trust income tax returns.
Whether you are an executor vs. a trustee in San Diego, it is wise to seek the guidance of an experienced and knowledgeable attorney as you carry out your duties. There are many lawyers out there who are offering estate administration services. Our article, “California Probate Lawyers: How to Choose Yours,” offers helpful tips for finding the right attorney for your matter.
To learn more about the roles of trustees and executors in California, contact an experienced San Diego probate administration attorney. Call The Grossman Law Firm today at (888) 443-6590.
Related Link:
Understanding How the Role of a Trustee Differs From the Role of an Executor