What is a trustee and what do they do?

The Trustee is the guy who manages your Trust assets. Great care should be taken in your selection of your Trustee. The Trustee is bound by the Trust document (contract) and he has a duty to protect Trust assets for the Beneficiaries.

What is the difference between a grantor and a trustee?

The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor (s) can make changes to the trust. The trustee manages the assets that are in the trust.

Can a trustee be a lawyer?

The Trustee can be your lawyer (worst person you would ever want to trust), your accountant, best friend, or anyone you trust who’s not a relative by blood or marriage. You may have more than one Trustee, but I do not recommend it.

What qualifications do you need to be a trustee?

There are very few qualifications required to serve as a trustee. A grantor can appoint someone a trustee as long as the individual is at least 18 years old and is not likely to become bankrupt or mentally incompetent. Grantors can also be the trustee themselves, as long as the trust is a revocable living trust.

Who is the trustee of an irrevocable trust?

Trustee of an Irrevocable Trust. The Trustee of an “Irrevocable Trust” has sole discretion over Trust assets. Your selection of your Trustee must be a carefully planned decision. The significant item to remember is that an “Irrevocable Trust” gets the assets completely out of your (the Grantor’s) name and in return you get:

What is the difference between a trustee and successor trustee?

The trustee manages the assets that are in the trust. Many people choose to be their own trustee and continue to manage their affairs for as long as they are able. A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death).

The simplest Trustee definition is: the named person who manages a Trust’s assets. The most important aspect of the role of Trustee is ensuring one acts in the best interest of the Trust.

Who is the successor trustee of a trust?

Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death. At that point, a Successor Trustee takes over.

Who can be a trustee of a will?

Almost anyone you trust, who is over the age of 18, can be your Trustee. Friends/Family – This is a common route, but also comes with the potential for family drama and even resentment. However, if you have a friend or family member whom you trust, the peace of mind this option offers can be worth it.

Is your bank pushing you to install Trusteer?

If your bank is pushing you to install the program, before doing so, I’d strongly recommend that you research the specific issues with whatever Internet security program you have installed by doing a search for ‘Trusteer issues with XXX” (where XXX is the name of your program).