Estate planning discussions contain a lot of terminology, which may be confusing to people unfamiliar with legalese. Before getting started on your question, you first need to know that if you are working with an estate planning attorney, he or she will be glad to answer any questions you have. Anytime you hear confusing terminology like trustees, executors and fiduciaries, you should never be afraid to ask your lawyer what these terms mean.
The term fiduciary is used in many fields but the meaning is the same for them all: a person who holds assets in trust for another. During the estate planning process, you may hear the three terms already mentioned—trustees, executors and fiduciaries—lumped together, but they are not always exactly the same. However, sometimes the terms are indeed interchangeable in estate planning. For example, a trustee or a will executor is a fiduciary because he or she is responsible for settling your estate or administering a trust on behalf of your beneficiaries.