The terms executors and trustees are both used in estate planning. Before looking at the similarities and differences between these two estate plan administrators, let’s review the difference between a will and a living trust:
- A will is a legal document directing the disposition of assets upon a person’s death.
- A living trust is a legal arrangement under which property is transferred to a trustee to administer in accordance with the instructions of the person who sets up the living trust. A trust may continue for a long period of time – both before and after the death of the person whose trust it is.
Executors are named in a will to carry out (execute) your instructions after your death. If you only have a will and don’t have a living trust – the executor of your will is the one who will be responsible for getting your estate through probate.