Who is trustee in will

A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries. It is an honor for a friend or loved one to appoint a person as a trustee. Trusts become legally binding arrangements after the signing of a trust agreement. Massachusetts law recognizes many different types of trusts. Trusts can be revocable, irrevocable, or charitable.

However, the purpose of all trusts is to preserve the assets for the benefit of the beneficiaries. The creator of the trust can state that the beneficiaries receive assets overtime, upon his or her death, or when the beneficiaries reach a certain age.

Trustees have the responsibility of managing the assets with the best interest of the beneficiaries in mind. Trustees owe the beneficiaries a fiduciary duty.

As part of the fiduciary duty, trustees have a legal obligation to act in the best interest of the beneficiaries at all times. The responsibilities of the trustee in Massachusetts include the following:. In Massachusetts, courts will appoint a guardian of incapacitated adults and minors under certain circumstances.

Trusts are created to benefit someone or something else often a child or other family member. Trustees are responsible for holding and managing all the assets and property inside the Trust as well as distributing assets as needed to the beneficiaries named.

Trustee vs Executor really just has to do with Trusts vs Wills. A Trustee will administer a Trust, handling the assets inside the Trust and distributing or managing them as the Trust directs. A Successor Trustee is named second in line to serve as Trustee. Most often, the person who creates the Trust is Trustee until he or she is incapacitated or passes away.

At that time, the Successor Trustee steps in. If the Successor Trustee is either unable or unwilling to serve the role required, it can be a good idea to name an alternate just in case anything happens to the originally-named person. A Trustee can essentially have as long as needed to settle a Trust, provided they are acting in a timely manner and as directed by the Trust.

Most Trusts take between 12 - 18 months to fully settle and distribute all assets. Generally, it takes at least six months but often longer to settle a Trust. The time it takes greatly depends on how complicated the Trust is and what provisions are required, as well as how old the beneficiaries are.

Trusts created for the benefit of minor children may be active until the child or children are of a certain age. Trustees are paid out of the Trust assets, and occasionally though not often the Trust will define what the compensation amount should be.

Understanding the role and responsibilities a Trustee must take on is key in order for the job to be well done. Learn all about our comprehensive Estate Planning services that thousands of people just like you have used. Insurance Insurance for cars, health, travel, and help with insurance.

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Trustees are named in Trust documents to act when the original Trustee s dies or stops acting. Usually, the person who creates the Trust the settlor is also the Trustee to start with. Once the settlor dies or stops acting, the named successor Trustee takes over.

Trustees can take over management of the Trust without court intervention. The Trust document provides the procedure, and the successor Trustee usually agrees to act.