Can an executor name a successor?
In order to be as thorough as possible, you’ll want to name not only an Executor, but also a Successor Executor, also known as a “successor representative.” This person will become the Executor in the event that the primary Executor should be unable to serve for any reason.
How long does an executor have to settle an estate in Scotland?
The executor has to wait for at least 6 months after a death before distributing the possessions and assets. This is because it can take some time before it is clear who the person who died owed money to for household bills and other commitments.
Can a successor trustee and executor of an estate be the same person?
Naming the same person as the executor of the estate and successor trustee of your revocable living trust will minimize expenses. The attorney helping to settle the estate and the trust will only have one person to work with when addressing issues that may come up.
When does an executor of a trust take over?
The Trustee manages the Trust, the Executor manages the probate estate. Trustees are named in Trust documents to act when the original Trustee (s) dies or stops acting. Usually, the person who creates the Trust (the settlor) is also the Trustee to start with. Once the settlor dies or stops acting, the named successor Trustee takes over.
Can a best friend serve as a successor trustee?
You can name anyone you like to serve as your successor trustee, however. So your best friend who lives in New York can’t serve as your executor, but can serve as your successor trustee. Some other states have similar rules. Consult with an estate planning attorney to find out if yours is one of them.
Can a revocable living trust be named as an executor?
Assets held in a revocable living trust don’t require probate to move to a living beneficiary. Naming the same person as the executor of your estate and the successor trustee of your trust will minimize expenses.
Is an executor the same as a trustee?
An executor and a trustee are similar in that they both have a duty of absolute care to the beneficiaries of the estate/trust, but their roles in respect of the beneficiaries are quite different. An executor is more of a liquidator, whereas a trustee is more of a business manager.
What are the duties of a trust executor?
The most basic job of the executor of the trust is to distribute the trust’s funds according to the trust’s instructions. Unlike a will, which usually stipulates a one-time distribution, a trust fund generally anticipates the slow distribution of money or assets over time.
What is the definition of successor trustee?
Successor trustee. A successor trustee is someone who takes over the role (and original duties) of trustee if the original person can’t continue with the responsibility.
What is second successor trustee?
Usually a spouse, family member or trusted friend are selected as successor trustees. A second successor is a person nominated to take over responsibilities of the first successor in the case of death or disability of the first successor.