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Acceptance of Appointment by TrusteeI, ___ (Name of Trustee), appointed as Trustee in the Declaration of Trust of ___ (Name of Trustor) dated ___ (date), for the benefit of ___ ___ ___ (Name of Beneficiaries),
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FAQ

The same person can generally serve as both estate executor and trustee so long as the appointed individual meets the independent legal capacity requirements to act as an executor and as trustee. In fact, appointing the same individual to both positions is a fairly common estate planning technique.

The Difference Between a Trustee and an Executor. Trustees and Executors are similar is many ways. ... A Trustee is a fiduciary over a Trust, and an Executor is a fiduciary over a probate estate. The Trustee manages the Trust, the Executor manages the probate estate.

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.

Executor & Trustee Guidelines. ... The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

The same person cannot be the sole trustee and the sole beneficiary of the trust. ... You just said that in a typical revocable inter vivos trust, the person establishing the trust can be trustee and beneficiary. Yes, in this situation one person is all three parties – she is the settlor, the trustee, and the beneficiary.

Bank as Executor Banks have checks and balances in place to ensure that an estate's assets are safeguarded against mismanagement and theft. Finally, a bank acts impartially, unaffected by the behavior of beneficiaries and family members who may try to influence the executor.

Bank as Executor There are several reasons why it may be advisable to name a bank as the executor of an estate. Banks have experience administering estates. They are in the business of managing assets that their customers entrust to them, and their employees stay current on developments in tax law and estate law.

Many people may consider hiring a bank to act as a trustee instead of appointing a relative or friend to manage their financial affairs. A bank may have more experience managing property and would be more likely to manage the trust's assets impartially and professionally.

Percentage of the estate. California, for example, lets an executor charge 4% of the first $100,000 of an estate's value; for a $1 million estate, the fee is $23,000. The value of the estate is its gross appraised value—for purposes of calculating the fee, debts are not subtracted.

A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions.