My question involves estate proceedings in the state of:
My question is about revocable trust funds, if the grantor is also the trustee but they also name another family member as trustee and have a backup trustee, who would distribute the assets if the terms were that the beneficiaries would a percentage of it while the grantor was still alive? If the trust would pay out when the grantor was still alive and could distribute the assets then why would there be the need for 2 back up trustees? Does this mean that there are other assets besides life insurance that are in the trust fund that would be meant for the beneficiaries so that's why another trustee is named?
Would the second trustee take over in the event of the grantor's death and distribute the rest of the assets that weren't meant to be paid while the grantor was living, like stocks, bank accounts, etc?
The trust fund states the person will receive 15% of the trust fund at the age of 22 and then another 15% at 25 and the remainder of the trust at age 30, but by this time the grantor of the trust fund will not be deceased then so does that mean they would administer the money or would the trustee of the trust policy they named do so? Or is the other trustee there for after the grantor's death to control other assets of the trust fund that the grantor left to the heirs?
The life insurance policy for the grantor would then go to the trustee to put into the trust correct?
My question is about revocable trust funds, if the grantor is also the trustee but they also name another family member as trustee and have a backup trustee, who would distribute the assets if the terms were that the beneficiaries would a percentage of it while the grantor was still alive? If the trust would pay out when the grantor was still alive and could distribute the assets then why would there be the need for 2 back up trustees? Does this mean that there are other assets besides life insurance that are in the trust fund that would be meant for the beneficiaries so that's why another trustee is named?
Would the second trustee take over in the event of the grantor's death and distribute the rest of the assets that weren't meant to be paid while the grantor was living, like stocks, bank accounts, etc?
The trust fund states the person will receive 15% of the trust fund at the age of 22 and then another 15% at 25 and the remainder of the trust at age 30, but by this time the grantor of the trust fund will not be deceased then so does that mean they would administer the money or would the trustee of the trust policy they named do so? Or is the other trustee there for after the grantor's death to control other assets of the trust fund that the grantor left to the heirs?
The life insurance policy for the grantor would then go to the trustee to put into the trust correct?
Trusts: Revocable Trust
Aucun commentaire:
Enregistrer un commentaire