Numerous people may need to be appointed to help manage your affairs either during your lifetime or after you pass away. You may hear many terms in the context of Pasadena estate planning and having a good handle on these differences can be helpful when determining your next steps. By taking control of your own estate now, you can name the people who serve in these critical roles.
Executors and trustees are both important people in the process of administering your estate. In California, executors are known as personal representatives. The circumstances surrounding the duties of a personal representative and a trustee are different.
A personal representative is someone who is appointed to distribute another individual’s assets according to that person’s written will when they pass away. This person could be appointed by the courts or selected and named in the will by the deceased. A trustee, however, is responsible for managing any assets placed inside a trust and ensuring that these can be passed on to beneficiaries at an appointed time.
It’s a good idea to put careful thought into who you name in either of these important roles. The person should be familiar with what’s required of them, a good communicator, and comfortable serving in this position.
If you are unsure how to structure your estate plan or need to make revisions to an existing plan, our Pasadena estate planning attorneys can help guide you through this process. We are familiar with all aspects of individual estate planning as well as asset protection planning and have helped many individuals, families, and business owners navigate this process to create customized estate plans that give them peace of mind for many years to come.
