What is a trustee of a living trust?
A living trust designates a trustee to manage assets for the beneficiary, while the grantor is still alive. Trustees with fiduciary duty manage trusts according to the beneficiary’s best interests. Living trusts can be either irrevocable or revocable.
What is a trustee of a revocable trust?
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. A successor trustee may also be named and acts only if a trustee can no longer fulfill that role.
What happens to the assets of a revocable living trust?
The Trustee shall, upon the effective date of the resignation, deliver to the Successor Trustee and each beneficiary of the Trust a statement of the last two years’ receipts and disbursements, together with an inventory of the assets belonging to the Trust. II. TRANSFER OF PROPERTY AND BENEFICIARIES A. Assets Transferred
Who is the successor trustee to Ted wannabe?
In the event that both TED WANNABE and JANE SMITH cannot serve as Successor Trustees, then a bank or trust company shall be appointed to act as a Successor Co-Trustee with the Grantor=s wife.
What are the responsibilities of a successor trustee?
The Successor Trustee agrees to furnish annual statements to the beneficiaries receiving distributions, showing all receipts and disbursements during the period covered, and to submit annually a statement of the assets of the Trust.
Can a grantor be a co-trustee of a family trust?
To the extent that the Grantor=s spouse is serving as a Co-Trustee, the Co-Trustees shall not delegate to the Grantor=s spouse sole authority to make any discretionary distributions of income or principal from the Family Trust. C. Removal of Trusteeby Grantor
What happens to a revocable trust after death?
Sooner or later, your revocable living trust will become irrevocable. Usually, it happens when you die: at that point, neither you nor anyone else can change the trust terms. If you made yourself the original trustee to keep control of the trust assets, then control of the trust passes at your death to your designated successor trustee.
What are the benefits of a revocable trust?
The most significant benefit of a revocable trusts is probate avoidance. If properly drafted, revocable trusts can also reduce estate tax liability. However, as with all estate planning devices, revocable trusts are not without disadvantages.
What are the responsibilities of a trustee?
A trustee is responsible for managing the property or assets placed in a trust. A trustee will often provide an annual report to the beneficiaries.
What happens to a living trust at death?
If you have created a living trust with your spouse the fate of that trust upon the death of your spouse will depend on what type of trust you created and the actual terms of the trust itself. If you created a revocable living trust, for example, the trust can be modified or terminated at any time by the maker of the trust.