Final answer:
The correct answer is that the fiduciary appointed by the court for an estate without a will or named executor is called an administrator. Administrators serve a role similar to executors, who carry out the terms of a will, while in the case of a trust, trustees manage the distribution of assets.
Step-by-step explanation:
A fiduciary appointed by the court to manage the distribution of an estate when someone dies without a will or without naming an executor is called an administrator. The role of the administrator is similar to that of an executor, who is a person named in the will by the deceased to carry out the terms of the will. When a trust is established as an estate planning tool, the person who creates the trust may appoint a trustee to manage the trust assets in accordance to the terms set forth in the trust agreement. After the death of the person who established the trust, the trust often becomes irrevocable, and the trustee continues to manage and distribute the assets as instructed by the trust.