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Personal Representative vs Trustee

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Pinto

Member
What is the name of your state?
Washington .

I am confused on the desigation of a Personal Representative or a Trustee for a will .
Can one have a son as a Personal Represtative and also as a Trustee or should they be the same?
I currently have my wife as my personal representative to receive my estate and also have my only son(if my wife dies also) as a personal representative to receive total estate and also as a trustee to handle dispursement of estate,which includes a trust for his daughter.

Are these designations alright?

Would the law be the same for Oregon?
 


JETX

Senior Member
In most estates, especially small and 'simple' ones, the designation of both positions is somewhat redundant. Equally, though a person can designate a single person to both positions, their responsibilities are different and not always compatible.

A trustee is the person or entity who you hold legally responsible to manage and execute the terms of a trust that you may have. A personal representative, sometimes known as an executor, is a person who you hold responsible to carry out the terms of your will. There are similarities and differences with each of their jobs.

A qualified trustee should be able to:
* Professionally manage any assets in the trust. This is more complex than it may sound because a trustee has a fiduciary responsibility to manage the trust’s assets according to the terms of the trust, and must also be aware of estate and income tax issues.
* Show total objectivity. Disagreements can become gigantic headaches unless the trustee shows the wisdom and impartiality to deal with family members’ conflicting requests involving the trust’s principal and earnings. This is another reason why a family member may not be your best choice to become a trustee.
* Maintain detailed financial records. This aspect of a trustee’s duties is critical, as a trustee must file various tax forms and notify the trust’s beneficiaries of any changes.
* Demonstrate an ability to work with different advisors. A trustee may have to coordinate efforts between a family’s trust beneficiaries, their accountants, attorneys and bankers. This coordination can often require a broad knowledge of different accounting and legal issues.

A personal representative should:
* Identify all assets in the estate;
* Collect outstanding money owed and pay estate bills;
* File income tax returns and, if applicable, estate tax forms in a timely fashion;
* Sell estate assets, if necessary, to pay creditors and taxes;
* Distribute assets according to the terms of the will.
 

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