An executor is a person or institution appointed to carry out the instructions in a will after someone dies.
When someone creates a will, they usually name an executor (sometimes multiple). This person has the legal responsibility to manage the deceased person's estate - everything they owned - and ensure that:
Debts & taxes are paid.
The assets are distributed according to the wishes in the will.
All necessary legal and financial paperwork is completed.
Key Duties of an executor:
Locate and review the will.
Apply for probate (court approval to act on the will, if required)
Collect all assets (bank accounts, property, etc.).
Pay off debts and funeral expenses.
Distribute what's left to the beneficiaries named in the will.
A Trustee is a person or organisation that holds and manages assets on behalf of someone else, according to the rules set out in a trust
Key Difference -
Executors carry out the will after death and is a temporary role until the estate is settled, whereas a trustee manages a trust that could persist for multiple generations.
What a Trustee does:
A Trust is a legal arrangement where:
The Grantor(aka Settlor) creates a trust and puts assets into it.
The Trustee manages those assets.
The Beneficiaries receive the benefit of those assets(income, property. etc).
The trustee has a fiduciary duty - a legal obligation to act in the best interests of the beneficiaries and according to the terms of the trust.
When someone is appointed as an attorney under a lasting power of attorney, their role is very different from a lawyer. In this context, "attorney" just means someone who has legal authority to act on someone else's behalf, not necessarily a legal professional.
A Lasting Power of Attorney (LPA) is a legal document that lets someone (the Donor), choose a trusted person (the attorney) to make decisions for them if they lose the ability to do so themselves, whether it be due to illness, mental capacity, etc.
There are two types of LPA
LPA for Property and Financial Affairs
This LPA can act while the person still has mental capacity, but must gain permission to continue if capacity is lost.
Their responsibilities include:
Managing bank accounts
Paying bills
Collecting pensions/benefits
LPA for Health and Welfare
This LPA can ONLY act once the person has lost capacity.
Their responsibilities include:
Making medical decisions
Choosing care homes
Daily routine and hygiene
A guardian of a child is someone who takes legal responsibility for a child when the parents are unable to do so, whether it be due to death, loss of capacity or loss of parental rights.
A child's guardian is responsible for:
Decisions about education, health and welfare
Providing a safe home and meeting basic needs
Acting in the child's best interests
A legal guardian can be appointed by a parent in a will or by a court.
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