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One of the trustee’s responsibilities is to distribute the assets to the beneficiaries abiding by the wishes of the grantor. ... The grantor can also space out trust distributions, meaning the ...
As a result, the trust’s provisions become permanent, and beneficiaries must abide by them to receive any assets. So, the beneficiaries must fulfill specific requirements, such as reaching ...
With a living trust, you designate a successor trustee to carry out your wishes after you pass, distributing assets to the beneficiaries named in your trust in the way you instructed. Advantages ...
They are responsible to collect trust assets, collect receipts from trust investments, pay required expenses of the trust, enforce and defend claims on its behalf, determine what amount (if any) to distribute to beneficiaries as provided under the trust agreement, properly make a record of such receipts and disbursements, and many other tasks. [36]
joint ownership of assets and naming death beneficiaries, making lifetime gifts, and; purchasing life insurance. If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust.
A trust created by an individual for his or her own benefit is sometimes called a "self-settled trust", and may be a kind of asset-protection trust. If the creator of a self-settled trust is also a beneficiary of the trust, particular problems arise regarding the protection of assets from creditors, and the prevention of fraud, that is, the ...