Executor and Trustee Roles

The ABA provides a comprehensive overview for individuals assuming fiduciary roles after someone's death. Here's a summary of key points:

1. Understanding Your Role
Executor (Personal Representative): Manages the decedent's estate, ensuring debts are paid and assets are distributed as per the will or state law if intestate.
Trustee: Administers a trust, managing and distributing assets according to the trust's terms.
Fiduciary Duty: Both roles require acting in the best interest of beneficiaries, adhering to legal and ethical standards.

2. Reviewing the Will and or Trust
Understand beneficiaries, distribution guidelines and fiduciary appointment.

3. Taking Control of Assets
Identifying and valuing assets.

4. Settling Debts
Paying outstanding debts.

5. Distributing Assets
Distribute assets as specified in the Will or Trust.

https://www.americanbar.org/groups/real_property_trust_estate/resources/estate-planning/guidelines-individual-executors-trustees/