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The role of a trustee is different than the role of an estate executor. An executor manages a deceased person's estate to distribute his or her assets ing to the will. A trustee, on the other hand, is responsible for administering a trust. What Is The Difference Between Executor, Trustee & Guardian? Surprenant & Beneski, PC ? estate-planning Surprenant & Beneski, PC ? estate-planning
A Letter of Appointment of Executor helps prove you have been put in charge of someone's estate after they have passed away. As Executor, you've been given the duty to manage the estate and carry out the directions of the will; however, a court may require official documentation.
Here are some things to consider when drafting a letter to your executor or trustee. Your thoughts about wealth. Share your story about how you came to the assets that you are leaving in your will. How was your wealth created, what do you value and what are your long-term goals for your wealth?
Some of the most important expenses paid by the estate include: Outstanding debts, such as credit cards, medical bills or liens. Repairs or maintenance costs for estate property. Appraisals that are necessary to determine the value of estate assets. Closing costs associated with the sale of a home.
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.