What is the Difference Between a Fiduciary and an Executor of Estate?

A Fiduciary refers to an individual acting on behalf of another, and in an estate this often means in a legal capacity. An Executor has a more narrow responsibility, only acting on the terms laid out in a Will. While there can be some overlap between a Fiduciary and Executor, all Fiduciaries and Executors must act in the best interest of the individual they represent at all times.

Let’s dive a little deeper.

A Fiduciary is someone acting on behalf of another person (the decedent in a probate case), keeping their interests in mind. Fiduciary roles are common in the Estate Planning process and include Trustees, Executors, Guardians, Conservators and attorneys.

Fiduciaries can be chosen by an individual or be court-appointed depending on the circumstances. When selecting a fiduciary it is recommended to choose someone you and your beneficiaries trust, such as a relative, or friend.. A fiduciary has an ethical and legal responsibility to provide the best form of care to the decedent. Fiduciaries often have some form of financial responsibility, making this duty crucial to the success of the role.

The Executor is the person in charge of following the terms provided in a Will. The role can be time consuming and usually involves gathering financial information, closing accounts, paying debts, and filing necessary taxes. It is also common to designate certain funds within a Will to the Executor, which the Executor will receive near the end of the probate process, after other debts have been settled.  An Executor is responsible for beginning the probate process and navigating the decedent’s wishes as included in the Will. It would be helpful to hire a lawyer to help with the process to make sure everything is done timely and properly, so as to avoid problems down the road.

Get in touch with a probate lawyer today with the contact information below.

Vincent F. Heuser, Jr.
3600 Goldsmith Lane
Louisville KY 40220
(502) 458-5879
https://heuserlawoffice.net
vheuser@heuserlawoffice.com