A deceased person’s estate may have an executor and a trustee, but the two of them serve different purposes even if they can often be appointed at the same time. What are the differences between the two positions?
Estate executors, or administrators if there is no will, essentially manage the deceased person’s estate through paying off debts and claims against the deceased and ultimately managing to distribute any remaining assets to beneficiaries. Estates include all of a deceased person’s property at their time of death.
Trustees, on the other hand, hold legal title to property for the benefit of another and act according to the terms of the trust they are managing. The trust property is distributed according to the trust document and can be held for a longer period. Estates may establish trusts, however, in order for someone to hold property for a prescribed period or until an event occurs, such as a child reaching the age of 18. Trusts can also be established during the person establishing the trust’s life.
Where can you purchase instant estate and trustee bonds?
Colonial Surety offers the direct and digital way to obtain estate bonds, also known as executor bonds, and trustee bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!