Your Trustee Questions Answered
Trusts are an important part of estate planning and trusts just work when trustees perform trust instructions. To that end, we’re addressing your trustee concerns here. If you have extra concerns 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 perform trust guidelines, and has a fiduciary duty of care to trust recipients.
What are co-trustees?
Co-trustees are two or more trustees who serve as trustee together.
What are contingent 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 need to bring out the directions in the trust; main responsibilities consist of handling assets, investing properties, filing taxes, and making circulations to recipients. In addition, there are duties directly associated with the type of trustee.
What are the kinds of trustees?
There are disability trustees who serve when the trust maker ends up being lawfully incapacitated; there are death or settlement trustees who serve when the trust maker dies; there are beneficiary trust trustees who function as trustee of trusts for beneficiaries; and, there are trustees of all sort of trusts such as personal residence trusts, life insurance trusts, charitable trusts, and the like.
Who is the ideal trustee?
The ideal trustee is sincere, appreciates serving well, effectively interacts with professional advisors and beneficiaries, is a good record keeper, and can be held economically accountable.