Search results
Results from the WOW.Com Content Network
In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [22] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [23]
Hybrid trust: Combines elements of both fixed and discretionary trusts. In a hybrid trust, the trustee must pay a certain amount of the trust property to each beneficiary fixed by the settlor. But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries.
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means ...
The trustee may find himself liable to claimants, prospective beneficiaries, or third parties. If a trustee incurs a liability (for example, in litigation, for taxes, or under the terms of a lease) in excess of the trust property they hold, then they may find themselves personally liable for the excess.
A grantor can name themselves as trustee during their lifetime, with one or more successor trustees named who can assume the role once they pass away.
In this case, when the main trustee dies, the successor becomes the new trustee with full access to the assets in the trust. Read more: 5 minutes could get you up to $2M in life insurance coverage ...
The assets are typically held in the form of a trust, a legal instrument that spells out who the beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on the nature of the trust), medical expenses, charitable gifts, inheritances or ...
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...