Can a person be the trustee of a living trust?
You can’t name someone else as trustee. In the unlikely event you don’t want to be the original trustee of your living trust, you cannot use this trust. See an estate planning lawyer to draw up a more specialized living trust.
Who is the sole trustee in a shared trust?
In a shared trust, if one grantor dies or becomes incapacitated and unable to manage his or her affairs, the other becomes sole trustee. But who should decide that it’s time for an original trustee to step aside, if the issue ever comes up?
Who are the legal owners of a trust?
The trustees are the legal owners of the assets held in a trust. Their role is to: deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
Who is the successor trustee of nolo living trust?
When you make Nolo’s Living Trust, you are the trustee of your trust. In the trust document, you name someone else to be the successor trustee to take over after you have died.
Who is the successor trustee for nolo’s living trust?
When you make Nolo’s Living Trust, you will choose a successor trustee to manage trust property after you die. The person or institution you choose as successor trustee will have a crucial role: to manage your trust property (if you become incapacitated) or distribute it to your beneficiaries (after your death).
Can a sole beneficiary serve as a successor trustee?
It’s perfectly legal to name a beneficiary of the trust (someone who will receive trust property after your death) as successor trustee. In fact, it’s common. EXAMPLE: Mildred names her only child, Allison, as both sole beneficiary of her living trust and successor trustee of the living trust.
You can’t name someone else as trustee. In the unlikely event you don’t want to be the original trustee of your living trust, you cannot use this trust. See an estate planning lawyer to draw up a more specialized living trust.
Why do I need a trust attorney to settle a living trust?
As the Trustee of the trust you are responsible for ensuring that all taxes owed are paid before assets are distributed. If you make distributions before taxes are paid, you could be held personally responsible for the tax debt. Consulting a trust attorney will prevent that from happening.