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Posted on August 11, 2022 in trust
No, they are not the same.
The executor is the person who will help execute the plan you laid out in your last will and testament. Their responsibilities are under the last will and testament to distribute the assets in accordance with the person’s will. A will in the state of Nevada needs to be probated in a court. So, if you only have a will, your executor will be the person that signs documents for the estate’s assets to be distributed and you will then be released from responsibility once the court issues the release.
A trustee is responsible for managing the trust on behalf of its beneficiaries and distributes the assets according to the specifications of the trust. Once the trust is revoked, its term ends or all the assets are distributed, the trustee is done with the responsibilities.
The named executer and trustee can be the same person if the settlor has chosen the same person. You as the settlor of the trust can choose whom you desire to be in charge of your assets. When a trust is established and funded, there is a pour over will. The pour over will goes from the executor to the trust.
