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News Updated Date : |
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November 27th, 2009 12:54pm |
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Estate Planning Law Firm Services In
California
That is your decision. You could name your spouse
or domestic partner as your executor or trustee. Or you might
choose an adult child, another relative, a family friend, a
business associate or a professional fiduciary such as a bank. Your
executor or trustee does not need any special training. What is
most important is that your chosen executor or trustee is
organized, prudent, responsible and honest.
While the executor of a will is subject to direct court
supervision and the trustee of a living trust is not, they serve
almost identical functions. Both are responsible for ensuring that
your written instructions are followed.
One difference is that the trustee of your living
trust may assume responsibilities under the trust agreement
while you are still living (if you ever become unable or unwilling
to continue serving as trustee yourself).
Discuss your choice of an executor or trustee with your
estate planning lawyer. There are
many issues to consider. For example, will the appointment of one
of your adult children hurt his or her relationship with any other
siblings? What conflicts of interest would be created if you name a
business associate or partner as your executor or trustee? And will
the person named as executor or successor trustee have the time,
organizational ability and experience to do the job
effectively?
California State Bar
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