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What Is A Successor Trustee
A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes “Incapacitated” – that is, unable to administer the trust for themselves.
List of Trustee Responsibilities
The general duties of a trustee include, but are not limited to: Manage & grow assets Hold at least once yearly trust minutes meeting with the Board Assign 2 other trustees to the trust Open a bank account if necessary As one grows the trust there ...
Can The Trustee Be A Beneficiary or Hold Beneficial Interest Certificates (BIC)
Yes; however, a trustee cannot be the sole (only) beneficiary. There should be at least one other beneficiary - which may also be another trust that the trustee sits on the Board of Trustees for. Further, the beneficiaries may have the lot of assets ...
Can Someone Be Grantor/Creator + Trustee + Beneficiary
No. A contract between only (1) party is invalid, contracts require (2) or more parties to be considered valid. One can be Grantor and a/the Beneficiary. There is no conflict of interest being Grantor & Beneficiary because Beneficiary cannot ...
Does One Need to Name a Successor Trustee
This depends on the individual bank one is opening an account with. For example Chase requires a Successor Trustee, but TD Ameritrade requires a Co-Trustee, and other banks only require one Trustee to sign. Call the bank before the appointment to ...