Living trust:A trust you set up during your lifetime that designates a trustee to administer your assets to your beneficiary/beneficiaries after your death. A living trust can be revocable or irrevocable. Testamentary trust:A trust that comes into existence only after you’ve passed away. The ...
The primary duties of a trustee are: Fiduciary Duty Trustees must always act in the best interest of the beneficiaries. This means making decisions that favor the beneficiaries and not their personal interests. To achieve this, the trustee must manage the assets in the trust prudently. For ...
If you are the creator, a co-trustee, or a beneficiary of a family trust and you believe a trustee is not acting properly, there are ways to go about removing or replacing a trustee.
Selecting a reliable trustee is key to ensuring the trust's terms are followed. Trusts can help avoid probate, offering a quicker and more private asset transfer. When it comes to estate planning, creating a trust fund is one of the most effective ways to manage your assets. From minimizing...
Being a Trustee has legal responsibilities that are too serious to figure out yourself. California Attorney SusAnne Lee Chung created this course because much of the attorney time in a trust administration is educating the Trustee. Why pay for one-on-one time for this?
When the grantor passes, the trustee handles disbursement to the grantees. How to set up a trust A grantor can meet with an estate planning lawyer to find a trust that best fits their needs. Then the grantor can list each asset and the beneficiary of that asset that’s going into the ...
What's an account for a Trust Agreement? It's a deposit account that can be opened by a Trustee for the benefit of someone else (beneficiary). These accounts: Protect assets during and after the Grantor's life Must have a specific purpose, a designated beneficiary and specific duties for ...
Change the ownership of your bank account from personally your own to: John Doe Trust Account, Jane Doe, Trustee. One of the advantages of a living trust is that it simplifies the inheritance process by bypassing probate. Your living trust does not take the place of a will. However, your...
People, including judges, politicians and business executives, use blind trusts to avoid conflicts of interest because in a blind trust the beneficiary does not know how the trustee handles the assets of the trust. Lottery winners sometimes use blind tru
The grantor names the trustee when theyset up the trustduring the estate planning process. Typically, the grantor is also the trustee until they can no longer fulfill their duties (either due to disability or death). They’ll name a successor trustee who will take over the role when that ...