Differences between the roles of Executor and Trustee

Summary

The roles of an executor and a trustee, though often held by the same person, have distinct responsibilities in managing a deceased person's estate.

Role of the Executor: The executor administers the deceased's estate by collecting assets, paying debts and taxes, and distributing assets to beneficiaries as per the Will.
Role of the Trustee: Once the estate is settled, the trustee holds and manages the assets in accordance with the terms of the trust, ensuring that the beneficiaries receive their entitlements.

Do you know the difference between an Executor and a Trustee?

One of the requirements of a valid Will is to appoint an executor. However, an executor's role is quite limited. One of the tasks an executor is required to do is collect assets of the deceased. What happens next? Once the assets are part of the 'estate', the executor's role ends and the trustee's role begins.