When utilizing trust-based planning as part of your overall estate planning solution, both a will and a revocable living trust are used to create a comprehensive estate plan. The will acts as a catch-all for any assets that are not already in trust or are not already pointing to or paying to the trust at death. The will appoints an Executor, and the trust appoints a Trustee. But, what’s the difference between an Executor and a Trustee, and who controls what?
What is an Executor?
The Executor is the person or entity appointed under a will, by the testator (the creator of the will), to settle the testator’s estate according to the provisions and directions set forth in the will. Wills generally only control probate assets, so the reach of the will may be limited based on the assets of the testator and the beneficiary designation or transfer-on-death provisions on those assets. The Executor is bound by a fiduciary duty, meaning the Executor must always do what is in the best interest(s) of the beneficiary(ies) when administering the estate. The Executor’s duties terminate when the estate’s assets are distributed to the intended beneficiaries and the Executor is discharged by the Clerk of Court in the county where the estate is being administered.
What is a Trustee?
The Trustee is the person or entity appointed, in the trust, to succeed the grantor (the creator of the trust) after they become incapacitated or pass away. The Trustee also has a fiduciary duty to the trust’s beneficiaries. The Trustee only controls the assets which are being held in trust. For example, if an asset is moved into the name of the trust or is beneficiary designated to the trust, the Trustee has control over that asset and must hold and administer the asset according to the terms of the trust from which they are appointed.
How Do Executors and Trustees Work Together?
When a trust-based plan is being used, the Executor essentially wraps up what is left to settle from the estate (probate assets) and passed them on to the Trustee. The Trustee and Executor may be the same individual, but they assume different roles.
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
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Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
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