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
What is a Power of Attorney and Do I need a Lawyer to create one?What is a Power of Attorney and Do I need a Lawyer to create one?
A power of attorney (POA) is a legal authorization giving the attorney-in-fact the authority to act on behalf of an individual. They may be given broad or limited authority to
Has the Covid Shut-down Hurt Your Business?Has the Covid Shut-down Hurt Your Business?
Has the Panicdemic got your business shut down? Don’t forget that some commercial insurance covers business interruption and some policies may not be limited to physical damage causes. Read your
Welcome to Louisville Law ClinicWelcome to Louisville Law Clinic
Welcome to Louisville Law Clinic. Questions are always welcome, but please make sure you don’t leave any confidential or even personally identifiable information because this is a very public place!