An executorial trustee is an individual appointed to manage a decedent's estate as an executor while also fulfilling the role of a trustee for any testamentary trusts established in the decedent's will. This person is responsible for overseeing the distribution of assets according to the will's instructions and managing any trusts created to benefit specific individuals.
The term "executorial trustee" is commonly used in estate planning and probate law. It involves both the execution of a will and the management of trusts, which may include handling real estate, financial accounts, and other assets. Individuals acting as executorial trustees may need to complete legal forms and follow specific procedures to ensure compliance with state laws. Users can utilize US Legal Forms for templates that help streamline this process.
Here are a couple of examples of abatement:
Example 1: A person named in a will as the executorial trustee is responsible for selling a family home and distributing the proceeds to the beneficiaries as specified in the will.
Example 2: An executorial trustee manages a trust that provides annual income to a beneficiary for their lifetime, ensuring proper use of the trust assets. (hypothetical example)
| State | Difference |
|---|---|
| California | Executorial trustees may have specific duties outlined under the California Probate Code. |
| New York | New York law provides guidelines for the compensation of executorial trustees based on annual income from the estate. |
| Texas | Texas law allows for flexible management of trusts and estates, impacting the role of executorial trustees. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Executor | A person designated to carry out the terms of a will. | Does not manage trusts unless also appointed as a trustee. |
| Trustee | An individual or entity that manages a trust. | May not have responsibilities related to the estate unless designated as an executorial trustee. |
If you are named as an executorial trustee, it is essential to understand your responsibilities. Begin by reviewing the will and any associated trusts. You may want to consult with a legal professional to ensure compliance with state laws and proper management of the estate. Additionally, consider using US Legal Forms to access templates that can assist you in fulfilling your duties effectively.
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The main responsibility is to manage the decedent's estate and any trusts according to the will's instructions.