Fiduciary Perspectives
Trustee vs. Conservator vs. Executor: What’s the Difference?
Ian Furar, CLPF, NCG, CCIM
Three fiduciary roles are often used interchangeably but serve different purposes under California law.
A trustee, a conservator, and an executor are all fiduciary roles, but they apply to different situations and are appointed in different ways. A trustee manages assets already placed in a trust, a conservator manages the affairs of a living person who cannot manage them independently, and an executor settles a deceased person’s estate through probate. Understanding which role applies is often the first question a family has when they contact Tenere Fiduciary.
What a trustee does
A trustee manages assets that have been formally transferred into a trust, following the instructions in the trust document. This role typically does not require court supervision and can continue for years, for example when a trust holds assets for a surviving spouse or for children who are not yet adults. A trustee is named in the trust document itself, or appointed as a successor when a previous trustee can no longer serve.
What a conservator does
A conservator is appointed by the court to manage the personal care, finances, or both, of a living adult who cannot manage their own affairs, often due to age, illness, or injury. Conservatorship is court supervised on an ongoing basis, and the conservator must report regularly to the court. This is a different kind of responsibility than trust administration, since it involves the wellbeing of a living person, not just the management of assets.
What an executor does
An executor, sometimes called a personal representative, settles a deceased person’s estate through the probate process when assets were not placed in a trust before death. The executor is named in the will, appointed by the probate court, and is responsible for inventorying assets, paying debts, and distributing what remains according to the will, under the court’s supervision throughout.
Why the distinction matters
Many families have some combination of these roles working together. A person may have both a trust and a will, meaning a trustee handles the trust assets while an executor handles anything left outside the trust through probate. Understanding which role applies to a given situation determines which laws govern the process, what court involvement is required, and what compensation rules apply.
Frequently Asked Questions
Can the same person serve as trustee, conservator, and executor?
Yes, one person can hold more than one of these roles, either for the same family or across different matters, provided they are properly appointed for each role individually.
Does a trustee need court approval to act?
Generally no. A trustee typically acts under the authority of the trust document without ongoing court supervision, unlike a conservator or an executor in probate, both of which involve regular court oversight.
Is conservatorship the same as being named in someone’s estate plan?
No. A conservatorship is a court proceeding that occurs during a person’s lifetime when they can no longer manage their own affairs, while trustee and executor roles relate to managing assets under a trust or through probate, typically after death or incapacity as defined in those documents.