What is the role of an executor/successor trustee in an estate plan?

An Executor is the person who makes sure that someone’s will is administered. An executor specifically refers to a will.

In the case when someone has a trust, the person who makes sure that someone’s trust is administered is called the Successor Trustee.

Both Executors and Successor Trustees are responsible for making sure that the decedent’s wishes are carried out. Typically, this involves notifying all beneficiaries and potential beneficiaries of the death and the will or trust. This may also include figuring out all the assets that the decedent had the moment before the person died; notifying anyone with a debt (e.g. credit card company, mortgage company) of the death; ensuring payment of debts and certain ongoing expenses; and eventually distributing assets per the wishes of the decedent.

The most important thing that an Executor and Successor Trustee must do is keep diligent notes and accountings. This means tracking any and all phone calls, emails, bill payments, and everything in between.

The Executor and the Successor Trustee are not liable for any expenses on behalf of the decedent’s estate. The estate must reimburse the Executor or Successor Trustee for any expenses.

It is prudent for either an Executor or Successor Trustee to consult with an attorney to determine what is required, when it is required, and to ensure that all processes are followed so as to avoid delay and litigation.

It is also important that when selecting someone to serve as an Executor or Successor Trustee, you select someone you trust to make sound financial decisions. They have a fiduciary obligation to your beneficiaries, and you want to make sure that they’re going to follow through.

If you are serving in this role, you should be sure to talk to an attorney to make sure you’re following the right steps. And if you’re establishing a comprehensive estate plan, you’ll want to be sure you select the right person for this role.