What is a trustee of a revocable trust?

The person who makes decisions about the money or property in the revocable living trust is called the trustee. A trustee can be an individual or a financial institution. If there is more than one, they are co-trustees. A successor trustee may also be named and acts only if a trustee can no longer fulfill that role.

Can you be the trustee of your own revocable trust?

You can be trustee of your own living trust. You can also name someone other than your spouse (including a professional) to be co-trustee with you. This would eliminate the time a successor trustee would need to become knowledgeable about your trust, its assets, and the needs and personalities of your beneficiaries.

What do you need to know about a revocable trust?

Key Takeaways Trusts are created by individuals (grantors) and their lawyers to determine how their assets will be managed by trustees and ultimately transferred to beneficiaries, after their death. Revocable trusts let the living grantor change instructions, remove assets or terminate the trust.

Can a trust be removed from an irrevocable trust?

Irrevocable trusts cannot be changed; assets placed inside them cannot be removed by anyone for any reason. Revocable trusts allow beneficiaries to avoid probate court and guardianship or conservatorship proceedings; they also allow documents to be kept private.

Can a settlor and a trustee be the same person?

While the settlor is alive and able to manage his/her own financial affairs, the settlor and the trustee will typically be the same person. This Article is written for someone who is trustee of a revocable trust that is not the settlor of that trust.

Who are the trustees of a living trust?

When you create a living trust, you will name a successor trustee. This person is responsible for distributing your assets to your heirs after you die. They are also responsible for stepping in and managing the assets in your trust if you become incapacitated and can no longer communicate.