Draft a restatement. If many changes are being made to a trust, it's usually recommended to draft what's called a restatement of the trust. This is a new document that replaces the old trust instrument entirely. It is possible to change the trustee by way of a restatement. Step 3 Reti...
If real estate is part of the trust property, title passes to the successor trustee when the maker dies, and they pass title to the beneficiaries named in the trust. This type of living trust can be altered or revoked at any time while the maker is alive. An irrevocable living trust can...
Choosing the right trustee is one of the most important decisions you have to make when setting up a trust. The person or entity you assign as the trustee will be responsible for managing all the assets in the trust. They will also be responsible for ensuring the assets are distributed the...
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Once everything you’d like to include has become part of your trust account, you are no longer in control of these assets (unless you designated yourself as the trustee or it’s a revocable trust and you want to make some sort of change). Instead, your trustee is responsible for them...
A revocable trustdescribes a trust you create during your lifetime. It gives you, as the grantor or settlor, the ability to change the beneficiaries and assets while you're alive and physically and mentally able to. It also gives you the right to dissolve the trust at any time. There are...
There are many different types of trustee accounts. As a trustee you have authority over the bank account and only you can make withdrawals. You can be a trustee for a minor child or for someone that the state has determined needs a trustee.
Once you submit your bankruptcy forms to the court, a bankruptcy trustee is appointed to your case. The exact role the trustee plays in your case is slightly different for Chapter 7 and Chapter 13 bankruptcies. Broadly speaking, the trustee reviews the forms you filed with the court and may...
If you will be drafting a Testamentary Trust Will, you will need to nominate a trustee - if it is not the same person as the executor.There's quite a bit of information you need to explore on this which we also cover in detail, starting with the page on Family Wills and Trusts....
A trust is a legal arrangement evidenced in a written agreement transferring property from agrantorto atrusteefor specified purposes. The trustee has the fiduciary responsibility to manage the property in accordance with the directions in the agreement and the best interests of the trust’sbeneficiarie...