We help folks through traditional planning as well as crisis planning. And much of our practice is devoted to the idea of helping someone settle an estate. And this gets confusing for folks because the person who settles the estate is commonly referred to as the administrator of the estate. It doesn’t mean that they’re a beneficiary, they’re entitled to all the belongings or the assets. It just means that they’re the quarterback, the person in charge. Now, there’s a few ways that you’re appointed. One is the traditional way through the probate process. You’re appointed as an executor or an executrix. That is the person that works with the court to pay bills, settle debts, keep an eye on taxes, and then start distribution to the heirs or the beneficiaries.
There can be a beneficiary, someone who receives it. Then there can also be a trustee appointed. You don’t have to have both an executor or a trustee. It depends on the ideas of your planning. If you rely on the will, you use the executor. If you rely on other methods like POD, TOD, or trust, you probably use the trustee.