- Are co trustees a good idea?
- What rights do beneficiaries of a revocable trust have?
- What are the duties of a trustee of a revocable trust?
- Who can be a trustee of a revocable trust?
- What is the difference between a trustee and a successor trustee?
- Can the trustee and beneficiary of a trust be the same person?
Are co trustees a good idea?
Settlors frequently choose successor co-trustees to act after they are no longer able to administer their own trusts.
Having more than one child serve as co-trustee can be fine if the co-trustees get along well and are good communicators, but this scenario often turns into a disaster.
What rights do beneficiaries of a revocable trust have?
If you are a trust beneficiary, you have a right to information about the trust, your interest in the trust, and the various assets of the trust and how they are being administered, invested and distributed.
What are the duties of a trustee of a revocable trust?
The trustee manages assets within the trust, including money, bank accounts, securities, real estate and personal property. A trustee has the power to buy or sell assets as she sees fit in order to shelter and/or accumulate these assets and help the trust to achieve a good return on its various investments.
Who can be a trustee of a revocable trust?
The person who makes the trust may be called the settlor, grantor or trustor. The person who makes decisions about the money or property in the revocable living trust is called the trustee. A trustee can be an individual or a financial institution. If there is more than one, they are co-trustees.
What is the difference between a trustee and a successor trustee?
For a revocable living trust, that Trustee is usually the person that created the trust. … The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died. The Trustee only manages the assets that are owned by the trust, not assets outside the trust.
Can the trustee and beneficiary of a trust be the same person?
Yes, a trustee can be one of the beneficiaries of a trust. For example, an individual could set up a trust, appoint themselves as trustee and distribute income to their family. However, a trustee cannot be the sole beneficiary of a trust.