Your Trustee Questions Answered
Trusts are an integral part of estate planning and trusts just work when trustees perform trust guidelines. To that end, we’re answering your trustee concerns here. If you have additional concerns or require aid choosing a trustee, ask your estate planning attorney.
What is a trustee?
A trustee is a specific or corporate fiduciary who owns legal title to trust properties, must bring out trust guidelines, and has a fiduciary duty of care to trust beneficiaries.
What are co-trustees?
Co-trustees are two or more trustees who work as trustee together.
What rest trustees?
Contingent trustees are back-up trustees who serve if the main trustee is not able or unwilling to serve.
What do trustees do?
Trustees must perform the directions in the trust; primary responsibilities consist of managing properties, investing possessions, filing taxes, and making circulations to beneficiaries. In addition, there are duties directly associated with the kind of trustee.
What are the kinds of trustees?
There are special needs trustees who serve when the trust maker ends up being lawfully disabled; there are death or settlement trustees who serve when the trust maker passes away; there are beneficiary trust trustees who function as trustee of trusts for beneficiaries; and, there are trustees of all sort of trusts such as individual house trusts, life insurance trusts, charitable trusts, and the like.
Who is the perfect trustee?
The ideal trustee is sincere, cares about serving well, efficiently communicates with professional advisors and recipients, is a great record keeper, and can be held financially accountable.