Trusts are an important part of estate planning and trusts just work when trustees perform trust guidelines. To that end, we’re answering your trustee questions here. If you have extra concerns or require assistance selecting a trustee, ask your estate planning attorney.
What is a trustee?
A trustee is a private or corporate fiduciary who owns legal title to trust possessions, need to bring out trust directions, and has a fiduciary task of care to trust beneficiaries.
What are co-trustees?
Co-trustees are 2 or more trustees who work as trustee together.
What rest trustees?
Contingent trustees are back-up trustees who serve if the main trustee is unable or unwilling to serve.
What do trustees do?
Trustees need to bring out the instructions in the trust; main responsibilities include managing properties, investing properties, filing taxes, and making circulations to beneficiaries. In addition, there are tasks straight related to the kind of trustee.
What are the types of trustees?
There are disability trustees who serve when the trust maker becomes lawfully disarmed; there are death or settlement trustees who serve when the trust maker dies; there are recipient trust trustees who serve as trustee of trusts for recipients; and, there are trustees of all kinds of trusts such as individual home trusts, life insurance trusts, charitable trusts, and the like.
Who is the ideal trustee?
The perfect trustee is honest, cares about serving well, successfully interacts with expert consultants and beneficiaries, is a good record keeper, and can be held economically accountable.