Trusts are an integral part of estate planning and trusts just work when trustees carry out trust guidelines. To that end, we’re answering your trustee questions here. If you have additional questions or need help choosing 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 possessions, must perform trust instructions, and has a fiduciary task of care to trust beneficiaries.
What are co-trustees?
Co-trustees are two or more trustees who function as trustee together.
What rest trustees?
Contingent trustees are back-up trustees who serve if the primary trustee is not able or reluctant to serve.
What do trustees do?
Trustees must carry out the guidelines in the trust; main responsibilities include handling assets, investing possessions, filing taxes, and making circulations to recipients. In addition, there are duties straight associated with the type of trustee.
What are the types of trustees?
There are special needs trustees who serve when the trust maker ends up being legally immobilized; there are death or settlement trustees who serve when the trust maker dies; there are recipient trust trustees who act as trustee of trusts for beneficiaries; and, there are trustees of all sort of trusts such as personal residence trusts, life insurance coverage trusts, charitable trusts, and the like.
Who is the perfect trustee?
The ideal trustee is truthful, appreciates serving well, efficiently communicates with expert advisors and beneficiaries, is a good record keeper, and can be held economically responsible.