What is the difference between a trustee and personal representative?
Emma Jordan
If you create a trust, you name a person to be the “trustee” of the trust. The trustee is duty bound to follow the instructions in the trust instrument and the law governing trusts. The person whom you nominate to settle you estate is your “personal representative,” sometimes called your “executor”.
Can a trustee be a personal representative?
A trustee is named by an individual who creates a living trust in much the same way a testator—the person writing a will—can name a personal representative for his estate. As with a personal representative, the trustee can be a person, an institution, or both may serve as co-trustees.
What happens when a personal representative passes away?
This means that a substitute Personal Representative must now be selected, to take the place of the one who passed away. There are several ways to go about selection of a new Personal Representative, but it must be done with the approval of the probate court.
Who is the personal representative of an estate?
A person who dies leaving a will has most likely named a personal representative to act on behalf of his estate, steering it through the probate process. The personal representative named in the will is known as the executor; if the decedent died without leaving a will,…
What is the definition of a personal representative?
In this case, a personal representative has power of attorney, a legal document that allows the representative to act for the other person when making legal or financial decisions. A personal representative or legal personal representative is the executor or administrator for the estate of a deceased person.
What happens to a personal representative in Minnesota?
Under Minnesota Law, the original probate process must still be completed according to the Probate Code. This means that a substitute Personal Representative must now be selected, to take the place of the one who passed away.