Executorial trustee
Encyclopedia
An executorial trustee is someone who is appointed to be an executor
(the person who carries out the directions set forth in a will
) and also be a trustee
of an estate
after the executors duties have been completed.
When dealing with large and lucrative estates this position generally does not exist in many cases so as not to create a conflict of interest
. The remedy is usually to have an executor act in an arbitrary
fashion and have no financial
interest in how the estate will be divided up.
See also: inheritance
, executor
, trustee
,
Executor
An executor, in the broadest sense, is one who carries something out .-Overview:...
(the person who carries out the directions set forth in a will
Will (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
) and also be a trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
of an estate
Estate (law)
An estate is the net worth of a person at any point in time. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person...
after the executors duties have been completed.
When dealing with large and lucrative estates this position generally does not exist in many cases so as not to create a conflict of interest
Conflict of interest
A conflict of interest occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other....
. The remedy is usually to have an executor act in an arbitrary
Arbitration
Arbitration, a form of alternative dispute resolution , is a legal technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons , by whose decision they agree to be bound...
fashion and have no financial
FINANCIAL
FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and small business. It is...
interest in how the estate will be divided up.
See also: inheritance
Inheritance
Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual. It has long played an important role in human societies...
, executor
Executor
An executor, in the broadest sense, is one who carries something out .-Overview:...
, trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
,