Trusts and Trustees.
With David Hobbs
Show Notes Episode 17:
- 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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