Planning for what happens to your property after your death involves more than deciding who should receive it. Depending on how you structure your estate plan, you may need to understand the different people responsible for carrying out your wishes and managing property for your beneficiaries. An executor and a trustee can both play important roles, but they do not have the same responsibilities or authority.
Here are the key differences between these two roles.
Executor
An executor handles your estate after your death and follows the instructions in your will. Their work generally includes:
- Gathering and protecting your property
- Paying valid debts, expenses and taxes
- Handling the probate process when required
- Distributing your remaining property according to your will
In Pennsylvania, the executor named in your will receives letters testamentary from the county register, giving that person authority to administer your estate. Pennsylvania law also requires personal representatives to administer estates according to law.
Trustee
A trustee manages property held in a trust according to the trust’s instructions and for the benefit of its beneficiaries. Depending on your trust, the trustee may manage property during your lifetime, after your death or both.
They may handle tasks such as investing trust assets, paying permitted expenses and distributing property when the trust directs. Pennsylvania law requires trustees to follow the governing trust document and applicable trust law when administering the trust.
Key differences
The two roles differ most in when their responsibilities begin, how long they may last and how they interact with your overall estate plan.
An executor generally steps in after your death to settle your estate. Once the executor completes the required tasks and distributes the estate property, that role typically comes to an end.
A trustee may have a longer-term responsibility. For example, if your trust instructs someone to hold money for a child until they reach a certain age, the trustee may continue managing those assets for years after your death.
The roles can also operate at the same time. If your estate plan includes both a will and a trust, you could have an executor handling matters involving your estate while a trustee manages assets that the trust controls. That distinction matters because each person must follow the instructions that apply to their particular role.
Know who handles what
Understanding these roles can help you review your estate plan and see how your will and trust work together. If you have both documents, reviewing them with an attorney can help you confirm that you have named the appropriate people and that their responsibilities fit your wishes.
