Personal Representative Deed Example With Trustee
Description
How to fill out New Mexico Quitclaim Deed For Personal Representative's Deed?
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FAQ
Basically, after your lifetime, a trustee is responsible for assets held in trust and a personal representative (sometimes also called an executor) is responsible for assets held in your individual name. You appoint these important agents of your estate plan with will or trust documents.
In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor.
(A side note before I go further: trustee and executor are two different jobs, and each has its own duties and requirements. However, most people have no idea what the difference is, and have trouble keeping track of who is in charge of what. I generally advise clients to name the same person for both.
Sometimes, it might make sense to name a single person as both the executor and trustee, or to make sure that both parties get along with each other since they'll likely have to work together to settle the estate.
If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor. ?Attorney-in-Fact,? ?Executor? and ?Trustee? are designations for distinct roles in the estate planning process, each with specific powers and limitations.