Can parents be trustees?
Oftentimes, clients will name their own parents to serve as trustees of trusts for their minor children. Typically, clients want assets for their children to remain in trust at least until all of their children are old enough to have completed college.
How do I put money in trust for my child?
You can set up a trust at any time during your life. You would normally do this by having a trust deed drawn up saying who the trustees are, who the beneficiaries are, how the trust is to be run and what assets you are putting into the trust. You then pass these assets to the trust.
What is the purpose of an independent trustee?
An independent trustee is an objective decision-maker for the trust. They can be a trusted friend or a bank, trust company, lawyer or accountant. The grantor relies on independent trustees to make decisions that best serve the interest of the trust, rather than the beneficiaries or remainderman.
Why are siblings not allowed to be trustees?
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended. No one wants to have to write to their brother or sister to ask for money.
Can a parent be a co-trustee of a trust?
The parent is the trustee while alive. For these purposes, let’s assume that the parent is a widow. She is the mother of four living children. She names two of her four children as successor co-trustees of her trust. These two are to assume the obligations and responsibilities of the trustee at their mother’s death.
Who is the trustee of the family home?
It happens over the control of the family home – usually the most valuable trust asset. The home is often in the name of the parent’s living or revocable trust. The parent is the trustee while alive.
Can a sibling win in a trust case?
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended.
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended. No one wants to have to write to their brother or sister to ask for money.
Who is the successor trustee of the living trust?
Leo may be contacted at (831) 768-9110 or https://www.legalsiegel.org. A case study of a successor trustee of his father’s living trust. The trust appointed his son as the successor trustee. At the time his father died, his sister lived in the family home. The siblings are adults.
What happens when a sibling inherits a house?
The trust appointed his son as the successor trustee. At the time his father died, his sister lived in the family home. The siblings are adults. One sibling inherits real estate and the sister who lives in the home does not. The sister that lives in the home did not pay a fair rent, or any rent, and refused to leave after their father died.
No matter what they do they can’t win. If they are lenient with what their sibling wants they don’t uphold the original intent of the trust. If they adhere to the rules of the trust the other sibling is often offended.