Trusts/trustees designating

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. 

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 testamentary trust is a separate, sophisticated addition to your will. You designate the purpose and specifics in your will and also designate a trustee. When you die, the testamentary trust goes into effect and carries out your wishes. 

The individual you designate as an executor can also be designated as your trustee. Selecting a trustee involves many of the same considerations as selecting an executor. However, there is a difference between the two. An executor s job is finished once an estate is settled. This usually happens within a year or two. A trust can continue for many years. This means that the trustee acquires an almost permanent obligation. 

To mark the Millennium, the pharmaceutical company, AstraZeneca PLC, established the AstraZeneca Science Teaching Trust (AZSTT) fluough a 20m endowment. An initial priority for the Trust was to provide support for professional development programmes to raise the confidence and competence of primary teachers in science. Trustees invited proposals from appropriately qualified providers who would design and run their own projects with clusters of about twenty primary schools and with funding of about 90 000 ( 136 500) per provider. (Details of projects can be found on the Trast s website... 

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