More than one Executor can be appointed but each is jointly and severally liable to perform the requisite duties to the Estate-one must be sure that the other performs adequately.
Why do you need two executors for a will?
It is common to appoint more than one Executor in a Will. This is to ensure that there is someone appointed to administer the Estate if anything happens to another named Executor. There are often a number of family members, close friends or even a professional or an organisation named as Executors.
Can you be trustee of two trusts?
Both grantors will be the original trustees of your living trust. That way, both of you have control over trust property, and taxation doesn’t get complicated. You can’t name someone else as trustee.
Can a trust and executor be the same person?
The executor named in the will may become a trustee as well. For example, the will itself might say that a certain person should take over administering a trust. Thus, the executor and the trustee can be the same person. How Do You Choose Executors and Trustees? For both executors and trustees, you have to take care in who you choose.
Who are the executors and trustees of an estate?
If assets in the estate are to be held on ongoing will trusts, the executors pass those assets to the trustees of the will trust, who then become the legal owners of the assets and manage them in accordance with the terms of the will trust.
Can a fidelity trustee serve as an executor?
There are options available to you as a trustee: You may be able to bring in a corporate trustee, like Fidelity,* to assist you in carrying out your duties. Ask a professional to help you understand your options and decide how to best proceed. For information on how Fidelity may be able to help, see Personal Trust Services .*
Who is the successor trustee of a trust?
(A will can do certain things a trust document can’t, such as name a guardian for young children and take care of any property that wasn’t transferred into the trust during the grantor’s lifetime.) In many situations, the same person is named as both successor trustee of the trust and executor of the will.
