Your Trustee Questions Answered
Trusts are an essential part of estate planning and trusts just work when trustees carry out trust instructions. To that end, we’re addressing your trustee concerns here. If you have additional questions or need assistance picking a trustee, ask your estate planning attorney.
What is a trustee?
A trustee is an individual or business fiduciary who owns legal title to trust assets, must carry out trust instructions, and has a fiduciary responsibility of care to trust beneficiaries.
What are co-trustees?
Co-trustees are two or more trustees who function as trustee together.
What are contingent trustees?
Contingent trustees are back-up trustees who serve if the primary trustee is unable or reluctant to serve.
What do trustees do?
Trustees need to perform the guidelines in the trust; primary duties include managing possessions, investing possessions, filing taxes, and making distributions to beneficiaries. In addition, there are tasks straight associated with the kind of trustee.
What are the types of trustees?
There are disability trustees who serve when the trust maker ends up being lawfully disarmed; there are death or settlement trustees who serve when the trust maker dies; there are beneficiary trust trustees who act as trustee of trusts for beneficiaries; and, there are trustees of all kinds of trusts such as personal home trusts, life insurance coverage trusts, charitable trusts, and the like.
Who is the perfect trustee?
The ideal trustee is sincere, cares about serving well, successfully interacts with professional advisors and recipients, is a good record keeper, and can be held financially accountable.