An executor carries out the instructions in a will and settles the estate through probate under court supervision. A successor trustee, on the other hand, manages and distributes the assets held in the trust, often without needing to go through probate.
For many families, a complete estate plan includes both a trust and a will. In that situation, a successor trustee manages the trust assets while an executor handles any assets that must pass through probate.
Key Differences: Executor vs. Successor Trustee
| Executor | Successor Trustee | |
|---|---|---|
| Who Can Serve | An individual, such as a family member or friend, or a professional, such as an attorney or bank | An individual, such as a family member or friend, or a professional, such as an attorney or bank |
| Governing Document | Will | Trust |
| Primary Role | Administers the estate through the probate process | Manages and distributes assets held inside the trust |
| Assets Managed | Assets titled in the person's individual name | Assets titled in the person’s individual name that require probate |
| Examples of Responsibilities | File the will with the court, start probate, pay debts and taxes, distribute assets | Manage trust property, pay expenses, maintain assets, and distribute property to beneficiaries |
| Court Involvement | Required—the probate court must approve and grant authority to the executor | Usually, no court involvement—the trustee acts under the authority of the trust |
| When Authority Begins | After death, and once probate is opened | During incapacity or after death, depending on the trust |
| Timeline | Often takes months or longer due to probate | Can begin acting immediately under the trust |
| Cost | May involve court costs, attorney fees, and executor compensation | May involve fewer court-related costs |
| Privacy | Proceedings are generally public | Typically private |
What Is the Role of a Successor Trustee?
The trustee for a revocable trust is usually the individual who establishes the trust. However, a properly drafted trust will designate a successor trustee. A successor trustee is the person or entity named in your trust who steps in if the current trustee cannot serve. This often happens during incapacity, after death, or if a trustee resigns or is removed. Their job is to follow the terms of the trust and carry out your instructions.
Common responsibilities of successor trustees include the following:
- Coordinate family arrangements: They may help coordinate arrangements for children, pets, or funeral expenses using trust funds when appropriate.
- Pay debts and expenses: They pay final bills, taxes, and other costs before making distributions.
- Manage trust assets: They safeguard accounts, real estate, and investments while keeping accurate records.
- Administer the estate: They transfer property and make distributions in accordance with the trust’s instructions.
- Meet legal duties: They act as fiduciaries and provide certain required information or an accounting to beneficiaries.
5 Signs You Need a Successor Trustee
- Your house is titled in the name of your trust.
- Your trust owns bank or investment accounts.
- Your trust is named as the beneficiary of certain accounts.
- Your trust owns multiple assets that require ongoing management.
- You want assets distributed without going through probate court.
What Is the Role of an Executor?
An executor, also called a personal representative in some states, is the person named in a will who carries out its instructions. Unlike a successor trustee, an executor operates under the supervision of the probate court. The court must formally approve the executor, grant the executor authority, and oversee the process to ensure the estate is administered as intended.
Common responsibilities of an executor include the following.
- Start the probate process: File the will with the court and begin administering the estate.
- Work with an estate planning attorney: Hire legal counsel to help navigate probate requirements and court procedures.
- Attend court proceedings: Appear before the probate court as required during the estate administration process.
- Identify probate assets: Locate property held in the person’s name.
- Distribute estate property: Transfer assets to beneficiaries as instructed in the will.
5 Signs You Need an Executor
- Your house is still titled in your name.
- Your bank or investment accounts do not list beneficiaries.
- You acquired assets that you never transferred into your trust.
- Your will calls for the distribution of personal belongings or specific gifts.
- Your estate includes assets that may be subject to probate.
Do You Need Both an Executor and a Successor Trustee?
In many estate plans, it is helpful to name both a successor trustee and an executor. Each role handles different types of assets, and together they help ensure your estate plan works as intended.
A successor trustee has authority only over assets titled in the trust’s name. If an asset is held in your name at the time of your death, the trustee lacks authority to manage or transfer it. Those assets may become part of the probate estate and must be handled by an executor.
For this reason, many estate plans include a trust along with a pour-over will. The will serves as a safety net, allowing assets left outside the trust to be transferred into the trust through probate.
“We recommend that you have a pour-over will to act as a safety net. It’s going to allow for anything that was left out of the plan by accident to pour over into the trust.”
Can the Same Person Be Both Executor and Successor Trustee?
Yes, the same person can often serve as both the executor and the successor trustee. In many estate plans, clients choose the same individual for both roles because that person is already familiar with their wishes, assets, and family dynamics.
Naming the same person can help simplify the administration process. The individual may act as the executor to handle any probate assets, as well as the successor trustee to manage and distribute assets held in trust.
How to Choose an Executor or Successor Trustee
Choosing the right executor or successor trustee is an important estate planning decision. This individual will be responsible for carrying out your instructions, managing assets, and communicating with your beneficiaries.
Many people choose a trustworthy, organized, and responsible individual who is capable of handling financial and legal matters. In some cases, families may also choose a professional entity if the estate is complex or if they prefer a neutral third party.
Common individuals people choose for these roles include the following:
- Spouse or partner
- Adult child
- Sibling or other family member
- Trusted friend
Professional entities can also serve in these roles:
- Bank or trust company
- Attorney
- CPA or financial professional
Need Guidance for Your Estate Plan?
Understanding the difference between a successor trustee and an executor helps you build a complete estate plan. Each role serves a different purpose, and naming the right people helps ensure your wishes are carried out and your loved ones are supported during a difficult time.
At Evans & Davis, our attorneys help individuals and families create thoughtful estate plans that include trusts, wills, and other strategies designed to protect what matters most and support your family for the long term.
Call 866-708-2335 or contact us online to speak with an Evans & Davis estate planning attorney about building an estate plan that protects your family and your legacy.
