the trustee is responsible for carrying out the interests and wishes of the grantor. This can include allocating living expenses or even educational expenses such as private school or college expenses and/or paying alump sumor transferring
Fujita, E. ( 1990b ), “ What is a good college president?: how leaders are judged by constituents ”, doctoral dissertation, Teachers College, Columbia University, New York, NY.Fujita, E. M. (1990). What is a good college president? How leaders are judged by constituents. Unpublished ...
The trustee is appointed to manage the trust and they have a fiduciary duty to act in the trust’s best interests. The trustee can be the same person as the grantor (a grantor trust), but it can also be a lawyer, a financial institution, or any other person you choose. (Depending on...
is carried out after they are no longer mentally competent or alive. As the appointedfiduciary, the trustee is responsible for carrying out the interests of the grantor. This usually includes allocating living expenses or even educational expenses, such as private school or college expenses, while ...
A trust fund is a legal arrangement in which a person or institution (the trustee) holds and administers property, estate, or assets for the benefit of another person or group (the beneficiaries). The trustee has the legal authority to manage the trust assets in accordance with the terms an...
A trust account is another word for a trust. It can refer to either the legal trust arrangement or to the bank account itself that holds the funds. Generally, a trustee manages the funds in a trust account for its grantor and ensures that the funds end up with the designated beneficiary....
While the beneficiary is alive, the trustee of the trust may make discretionary distributions from the trust to meet the beneficiary's "supplemental needs," such as education expenses, a vacation, or hobbies; but, generally, not for food or shelter, which would typically be provided for by Su...
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the help of a lawyer as part of the estate-planning process. With many trusts, a trustee must be appointed to manage the account on behalf of the grantor. Typically, the trustee receives a fee for fulfilling this role, potentially making them a more expensive option than a custodial account...
, he or she gives up control of the assets in the trust. This creates a totally separate tax entity, because the trust is not controlled by the grantor, and it is not yet controlled by the beneficiaries, either. The trust pays its own taxes, and it is usually administered by atrustee...