Greg Turza 9-26-18

Greg.talked about naming trustees to living trusts that are set up. Initially the owner of the trust are named while alive. But what happens with the trust after death or incapacitation?

Trustees have duties of loyalty to the beneficiaries according to the intent of the original owner. They can’t, for example, spend the assets in ways that would deprive the beneficiaries of them.

There are advantages to naming an outside professional as trustee instead of a family member:

 
  • They know the duties of a trustee.
  • Will maintain continuity of assets.
  • Avoids conflicts with siblings.
  • Is insured.
  • Has succession plan to pass on trust to others on close of business or death.
Give Greg a call for help setting up a trust or getting advice on naming trustees

Comments are closed.