Beneficiaries trusts/trustees

Name a Trustee. This is a person or institution that you designate under a trust document to manage your property for your beneficiaries. A trustee and an executor can be the same person. You can be your own trustee. 

A trust is a legal document by which you transfer assets such as money or real estate to a trustee to manage for any beneficiary or beneficiaries named. 

Trust. A trust agreement designates someone you choose (called a trustee) to hold property you transfer to the trust on behalf of a beneficiary. Property distributed through a trust is not subject to probate. The estate tax advantages are limited and vary depending upon the type of trust. 

A trust is a way to leave your money so that it avoids probate, takes full advantage of tax benefits, and accomplishes what you desire either before or after you are gone. In a trust, you assign part or all of your estate to a trustee or trustees to manage and distribute in a manner prescribed by you. It is a way to control the release of your money after your death. This can be done to protect and enhance the lives of others, usually those dear to you. Things are prearranged for your beneficiaries because you won t be around to do it yourself. 

You can choose a personal friend, relative, professional, or the trust department of an institution as your trustee. There are advantages and disadvantages to each. A personal friend may know and understand you and the beneficiaries, but may not be experienced with investments. A professional may not know you or your beneficiaries, but have the experience. A trust department in a bank won t move away or die. It also has a staff of professionals. Finally, the cost of a trust must be taken into consideration. The choice is yours. 

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