Estate Planning has many specific terms.
Two terms that often are assumed to be interchangeable are Trustee and Executor.
The terms are not interchangeable and the functions of a trustee and the functions of an executor are different, but the duties can be similar in some respects.
Both trustee and executor have fiduciary responsibilities.
Trustees are named in the trust document and will administer the trust according to the terms of the trust.
Note: if you have a trust, there can also be named a Trust Protector. (see my article "Trustee of Trust Protector" on my website.)
Executor is named in the Will and will manage/oversee the terms of the Will.
There is a third term - Administrator - when there is no Will. This person is appointed by the court to manage the estate through the probate proceedings.
Power of Attorney (POA) names your attorney-in-fact (or Agent) who acts while you are still alive. The POA has fiduciary responsibilities to act in good faith, fair dealing, and undivided loyalty.
Your attorney-in-fact will have no decisions over a trust. The attorney-in-fact has power over non-Trust assets.
Attorney-in-fact power ceases upon your death when the Executor takes over (or Trustee when there is a trust)
Trustees can serve either during your lifetime to administer the terms of a trust or after your lifetime to administer the terms of a trust.
Attorney-in-Fact, Executor, Trustee - have distinct roles and obligations to protect your assets during your lifetime and after your death.
The above is a brief and general outline. There can be instances when the obligations may overlap.
If you have questions about your estate plan and its documents, ask an experienced estate planning attorney to review and explain the terms.
A periodic review of your estate plan is important.
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