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In contrast to the individual trustee, who is typically a family member, the independent trustee focuses on making objective decisions without emotion, either as sole trustee or with a family member co-trustee.
Successor Trustee is the person or institution who takes over the management of a living trust property when the original trustee has died or become incapacitated. The exact responsibilities of a successor trustee will vary depending on the instructions left by the creator of the trust (called the Grantor).
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
The simple answer is yes, a Trustee can also be a Trust beneficiary. In fact, a majority of Trusts have a Trustee who is also a Trust beneficiary. Nearly every revocable, living Trust created in California starts with the settlor naming themselves as Trustee and beneficiary.
The trustee must distribute the property in accordance with the settlors instructions and desires. His or her three primary jobs include investment, administration, and distribution. A trustee is personally liable for a bdocHub of his or her fiduciary duties.
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A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.
In contrast to the individual trustee, who is typically a family member, the independent trustee focuses on making objective decisions without emotion, either as sole trustee or with a family member co-trustee.
7 Different Types of Trustees Administrative Trustee. Independent Trustee. Investment Trustee. Successor Trustee. Charitable Trustee. Corporate Trustee. Bankruptcy Trustee.

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