Hobbs Giroday Podcast Episode 17

Trusts and Trustees.

With David Hobbs

Trustees are named or appointed to hold the assets that are named in a trust.
An example of a trustee is the executor of a will.
A participant in a trust is a beneficiary.
A settlor is the person who initially places an asset in trust.
A trust agreement identifies the beneficiaries, sets out the powers and duties of the trustees and how the assets in the trust are to be distributed.
Trusts cannot exist in perpetuity, twenty-one years in the normal rule for when a trust will expire.
Infants can be beneficiaries of trusts. Often the trust will appoint someone to hold the infant’s gift until the infant is a certain age, often the age of majority.
Trusts have investment powers.
Another type of trust is an alter-ego trust. This is when a person settles assets on a trust and then appoints themself trustee of the assets.

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