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
Contracts Avoid Arguments and LawsuitsContracts Avoid Arguments and Lawsuits
We’ve been watching the filings of mechanics liens and noticing how the big guys always seems to win and the little guys often get the short end of the stick.
Limited Representation AgreementsLimited Representation Agreements
Good lawyers have been helping people “behind the scenes” for many years. The problem has long been that judges believe that lawyers must not only reveal their help but must
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