Who is the original trustee of a trust?
The Original Trustee. You will be the original trustee of your living trust. As trustee, you will have complete control over the property that will be held in the trust.
What is a first successor trustee?
A Successor Trustee is the person responsible for administering and settling a Trust after the creator (called the Grantor) of the Trust dies. In a Living Trust, the Grantor often serves as the initial Trustee until their death but will eventually need a successor to take over.
Who is the successor trustee of an estate?
Setting up a trustcan be great way to control how your assets are distributed to your heirs after you pass away. Trusts are in many ways more flexible than wills in managing an estate’s assets. When you’ve passed, the successor trustee– effectively the “executor” of your trust – is responsible for managing your trust and its assets.
Who is the successor trustee of Jim’s Trust?
Rather than giving any one person the ability to remove and replace a successor trustee, Jim’s trust provides that during Jane’s lifetime, either Zachary or Ethan must join Jane in any removal and replacement of a corporate trustee. Where the surviving spouse is serving in the role as successor trustee, this issue can become even more delicate.
Who is the trustee of a family trust?
A trustee can either be an individual (commonly one or two people) or a company. The trustee is appointed when the trust is set up and the trustee signs the family trust deed. The trustee holds the legal title of assets owned by the family trust.
Can a surviving spouse shop for a successor trustee?
In blended family situations, a surviving spouse could be accused of shopping for a trustee most favorable to her situation instead of acting as an impartial fiduciary manner towards all of the trustees. In these situations, it might be best to require two individuals to remove and replace the successor trustee.
How is a successor trustee appointed in a trust?
Successor trustees are appointed in the trust document itself. The trustor will specify who they want to take over management of the trust if and when they can’t do it themselves. How do you change a successor trustee?
Can a trust take over a family farm?
Yes, it is through a family trust. There’s a family trust known as the discretionary trust. This trust is an amazing way of protecting the family farm as well as dividing the income from the farm to reduce taxation. Now, it is a trust which takes over the asset of your family, in your case the family farm.
So if one has to put Family Trust in simple words then it is a system of holding the property so that it can benefit someone you choose. The system is managed by the trustee of the trust. Another thing to know is that a trustee can be a company or an individual. How to Protect Family Farm? Now let’s come to the catch.
Can a trustee of a trust still be alive?
Successor trustees do not have any power or authority over a living or revocable trust while the original trustee is still alive and well. But oftentimes, successor trustees are concerned about the original trustee’s continued ability to manage the trust due to aging, declining health, or neurological problems.