Q&A

What does an estate trustee do?

What does an estate trustee do?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

Who are the grantors and the trustees of a trust?

The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor (s) can make changes to the trust. The trustee manages the assets that are in the trust. Many grantors choose to be the trustee …

Who is the trustee that stole money from a trust?

Illinois certified public accountant, Sultan Issa, was charged with criminal fraud for allegedly embezzling at least $55 million from a Chicago family and its related business entities, including trusts established for charitable giving and to provide for the large family. The case is currently pending in federal court in Illinois.

Who are the people involved with a living trust?

This makes it very easy for someone (a trustee or successor trustee) to step in and manage your financial affairs. Who are the people involved with a living trust? The grantor (also called settlor, trustor, creator or trustmaker) is the person whose trust it is. Married couples who set up one trust together are co-grantors of their trust.

When do you need a successor trustee for a trust?

Many people choose to be their own trustee and continue to manage their affairs for as long as they are able. required, including court interference. A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death).

Who are the executors and trustees of an estate?

The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for

Who is the legal owner of a trust?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.

How do trusts help protect senior’s assets?

How Do Trusts Help Protect a Senior’s Assets? The two basic kinds of trusts are revocable and irrevocable. As the name implies, revocable trusts can be revoked. Medicaid considers assets in such a trust to be still owned by the person who established it.

Illinois certified public accountant, Sultan Issa, was charged with criminal fraud for allegedly embezzling at least $55 million from a Chicago family and its related business entities, including trusts established for charitable giving and to provide for the large family. The case is currently pending in federal court in Illinois.