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What Is the Difference Between a Trustee and an Executor?

July 10, 2019 By Richard Farrell

A will describes the full and final distribution of the assets of an estate of a deceased person. Once an inheritor receives their portion they can do anything they want with the proceeds.

That’s because a person who leaves a will cannot ‘dictate beyond the grave’. Of course, they can leave hints what they would like to happen. However, if their wishes are not followed through, there is nothing they can do about it.

A simple trust, on the other hand delays the transfer of the bequest. This may be because the beneficiary is under age, or the deceased person believed they were otherwise incompetent to manage the asset. There are various types of trust as we outline below.

The Different Types of Trust in the UK

A person leaving some or all of their estate in a trust appoints a trustee or trustees to manage it. If you have become a trustee, you need to know what kind of trust you are dealing with.

  • A bare trust holds on to the inheritance until a defined event happens. This is often when the beneficiary reaches 18 in England and Wales (or 16 in Scotland)
  • An inheritance in possession trust allows the interim beneficiary to claim the income from the asset, usually for the rest of their life. When they die, the full asset passes to the final beneficiary. A partner may allow their spouse to benefit initially, and then finally their children
  • A discretionary trust is more open ended. In this case the trustee may use their own discretion to decide what’ what’s best to do. This can be the right solution when a beneficiary is not capable (or responsible enough) to deal with money themselves

These are the three main types of trusts you may encounter. Other types include accumulation, mixed, and settlor trusts.

The Role an Executor Versus a Trustee

The Duties of an Executor

An executor of an estate created through a will is duty-bound to stand in the deceased’s place and carry out their wishes, whether they agree with them or not. If the person dies intestate, then they have to obey the rules of succession.

There are no exceptions. That said, if you feel you are being asked to do something fraudulent or criminal you should take legal advice first, and may be able to recover the cost from the estate.

Unlike trustees, executors also have to pay off the creditors and collect any moneys owed. However, in both cases they have a fiduciary duty to put their loyalty to the deceased first, and make full disclosure of their actions when requested.

The Duties of a Trustee

The main difference is a trustee must hold on to the entire estate – or that part placed in the trust – until the conditions in the trust are complete. They have no discretion outside the trust instrument, or the law of the country. When they have obeyed these instructions, their job is done.

If a trust generates a continuing trust then new trustee(s) are required. This may be the same person(s). However they must be careful to separate their roles and record a date when they changed.

Ask Before You Make a Person a Trustee or Executor

These are the main duties of – and differences between – being an executor and a trustee. If you are preparing your will, or creating a trust, always discuss matters with the person first. You will need a willing collaborator ‘on the other side’ to achieve your goals.

Related

Filed Under: Probate Valuation Tagged With: A bare trust, A discretionary trust, An inheritance in possession trust, difference between trustees and executors, probate valuation guide, underaged beneficiaries

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
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Oct 26, 2021
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Aug 26, 2021
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