What You Will Need To Do At The Grantor’s Incapacity And Death
If you have been named as a trustee or successor trustee for someone’s trust, you may be wondering what you are supposed to do. Successor trustees can relax a bit, because you don’t do anything right now. You will only begin to act when the person becomes unable to manage his or her financial affairs due to incapacity, or when he or she dies. If you have been named as a trustee, you may already be acting in that capacity.
In either case, it is important that you understand your duties and responsibilities. This brochure will help. Let’s start with some explanations.
Continue reading Understanding The Duties and Responsibilities of a Trustee
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan.
Continue reading Who Should Be Your Successor Trustee?
Question to parents
What happens to your minor children in the unlikely event both of you suddenly and unexpectedly die or become incapacitated?
When you establish a trust, you name someone to be the trustee. A trustee basically does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records and generally keep things organized and in good order.
Continue reading How to Choose a Trustee