Do you know the difference between a trustee, power of attorney and personal representative? In estate planning, these three terms are extremely important, as the powers and duties entrusted in each person can be very different. ✅If you're a Maryland resident and need estate planning help, call us at 410.590.1900 today
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What is a Trustee? A trustee is a person who has the powers of administration over the assets in a trust. For most trusts, especially revocable living trusts, the person who creates the trust will be able to be the trustee and remain in control of his or her assets. A substitute trustee would be appointed to manage the assets in the trust upon incapacity or death. After death, trust assets do NOT go through the court's probate process, so the trustee would be in charge of distributing trust assets after death.
What is a Power of Attorney? The power of attorney document allows a designated individual to make decisions on your behalf should you become incapacitated and unable to make such decisions on your own. The power of attorney may be given access to assets that a trustee, for example, could not access, such as an IRA. Power of attorney ends at your death.
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What is a Personal Representative? The personal representative is designated by the court to administer and distribute assets from your probate estate after you pass away. Remember: the probate estate does not include trust assets or other assets that are protected from the probate process, such as retirement accounts and life insurance policies.
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Be sure to check your state's laws regarding estate planning, as laws differ from state to state
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