The Trustee
If you are creating a Trust, then you will want to know how your Trustee benefits you.
What is a Trustee
The Trustee is the director, the manager, and the captain of the Trust. The Grantor, the creator of the Trust, appoints the Trustee. The Grantor can appoint themselves as the Trustee, or appoint someone else. A Trustee could also be a beneficiary of the Trust. The Grantor sometimes appoints the beneficiary as the Successor Trustee because, at the end of the day, they will receive the assets. This makes the process simple.
Whoever gets appointed as a Trustee will take on many responsibilities, such as managing the assets. Also, they must keep a good financial record of all transactions. While a Trustee may have to take on several duties, the Trust functions like how a normal person uses their assets. The position of Trustee carries a lot of responsibility, which is why appointing the right person(s) for the job is so important.
Choosing a Trustee
If you decide to create a Trust, as the Grantor, you can appoint yourself as the Trustee. This lets you to take control of your life and your assets. It is best to do this while you are still capable of making these decisions
But, remember, at a certain point, we may feel that tasks that seen easy may later become difficult to perform. This is why people appoint a Successor Trustee.
A Successor Trustee may step in whenever you become incapacitated or incompetent, or even death. Appoint someon capable, responsible, and fit to perform tasks required.
To learn more about Trustees please schedule a consultation with our firm so you can learn how a Trust is right for you!