The Listen to Lawrence Letter: Trustee and Executor Confusion Clarified

CLIENT QUESTION:

Hi. My daughter is the trustee of the trust. When I pass she becomes executrix of the will. Will she still maintain trustee status or does she revert to executrix and be able to dissolve the trust?

MY RESPONSE:

The roles of trustees and executors are very different and should not be confused. The trustee runs the assets in the trust and continues that role until the assets in the trust are distributed. The executor runs the estate after the will is probated. The assets in the estate, if any, will not include the assets in the trust or any other assets that pass automatically at death (like jointly held assets or assets with a designated beneficiary).  So in the end, your daughter could end up being both trustee of the trust and executor of the estate (if necessary), simultaneously.

And, if anyone you know would like to

receive this Listen to Lawrence Letter just

tell them to send their email address to info@davidowlaw.com and I’ll add them to the list!

As always, please send your questions in! If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.

Let’s stay connected. Stay safe!