Can a beneficiary of a trust also be a trustee?
Quick Answer
A beneficiary of a trust can also serve as the trustee or executor. However, the setup allows for a potential conflict of interest, as the trustee is responsible for acting in an equal and unemotional manner towards each of the beneficiaries.
Continue ReadingFull Answer
To avoid a biased approach as both beneficiary and trustee, it is important the trustee takes measures to safeguard his position, explain the attorneys at Beers Mallers Backs and Salin, LLP. Such steps include: choosing an estate planning attorney to mediate or oversee the process, using fair methods for dividing unassigned personal property with emotional value and involving an impartial appraiser if real property is involved. If an individual feels he cannot impartially act in both positions, it is recommended an impartial party is assigned to serve as trustee.
Learn more about Financial PlanningRelated Questions
-
Q:
What are the responsibilities of a trustee to a beneficiary?
A: The responsibilities of a trustee to a beneficiary include complying with the instructions in the trust document; keeping the trust assets separate from th... Full Answer >Filed Under: -
Q:
How does a trust work?
A: Trusts are a type of estate planning tool in which the grantor creates a fund by transferring assets and designates a trustee to manage the assets for a be... Full Answer >Filed Under: -
Q:
Who is the settler on a trust certification?
A: A settler typically is the one who has funded the trust and who is the trust's trustee, or title holder, until he dies, notes the Danna McKitrick, P.C. Att... Full Answer >Filed Under: -
Q:
How does a person make a living trust in California?
A: To make a living trust in California, write a trust document that states the name of the person inheriting the trust property and designates you as the tru... Full Answer >Filed Under:
You May Also Like
-
Q:
What services does Oasis Legal Finance offer?
-
Q:
What retirement plans does Vanguard offer?
-
Q:
What is the average 401k balance?
-
Q:
How does probate work?
-
Q:
What are the advantages and disadvantages of a living trust?
-
Q:
What are the rules for withdrawing money from a 403(b) retirement account due to disability?
