Trusts are an important part of estate planning and trusts only work when trustees bring out trust directions. To that end, we’re addressing your trustee questions here. If you have extra concerns or need aid choosing a trustee, ask your estate planning lawyer.
What is a trustee?
A trustee is a specific or business fiduciary who owns legal title to trust possessions, must perform trust guidelines, and has a fiduciary responsibility of care to trust beneficiaries.
What are co-trustees?
Co-trustees are two or more trustees who function as trustee together.
What are contingent trustees?
Contingent trustees are back-up trustees who serve if the primary trustee is unable or reluctant to serve.
What do trustees do?
Trustees should perform the directions in the trust; main tasks consist of managing assets, investing possessions, filing taxes, and making distributions to recipients. In addition, there are responsibilities directly connected with the type of trustee.
What are the kinds of trustees?
There are special needs trustees who serve when the trust maker becomes lawfully crippled; there are death or settlement trustees who serve when the trust maker passes away; there are recipient trust trustees who function as trustee of trusts for recipients; and, there are trustees of all kinds of trusts such as individual home trusts, life insurance coverage trusts, charitable trusts, and the like.
Who is the perfect trustee?
The perfect trustee is honest, appreciates serving well, efficiently communicates with expert consultants and beneficiaries, is a good record keeper, and can be held economically liable.