Anyone you choose can be your Trustee. Likewise, almost anyone can be Executor in your Will. Both the positions are considered fiduciary roles and come with fiduciary obligations. Certain standards apply to the conduct of a fiduciary. Generally they must conduct the affairs of the estate or trust as a prudent businessman would do. Both positions require a certain professionalism but an executor needs only a minimum of financial expertise, a trustee, on the other hand, may need quite a bit of knowledge of investing, as the position can exist longer and with less statutory guidance. In short, it is often more efficient that an attorney handle such matters, but it matters whom you choose!
Can My Attorney be Executor or Trustee?
Categories:
Related Post
Why Hiring a Probate Lawyer Can Simplify the Estate Settlement ProcessWhy Hiring a Probate Lawyer Can Simplify the Estate Settlement Process
Dealing with the loss of a loved one is emotionally challenging, and the subsequent process of settling their estate can be overwhelming, especially when faced with legal complexities. If the
Mechanics Liens in KentuckyMechanics Liens in Kentucky
Now, this isn’t legal advice. It’s just an outline of a process that lots of guys get wrong — mechanics liens — and what we see lawyers doing to get
COVID-19 Tax CreditCOVID-19 Tax Credit
Wow! What a mess! Under the Families First Coronavirus Recovery Act, employers get a tax credit for wages paid out for emergency leave because of COVID-19 absences. Figuring it out