TrusteeA Trustee whether an individual or institution holds legal title to the trust. A Trustee must act within the terms of the trust. They must be impartial, maintain complete accounts and records and file the required tax returns. They are required to manage the trust only for the trust beneficiaries.
Trusts can designate one or more persons, an organization, or a bank, to act as trustee. Trusts can serve a variety of purposes, such as bill paying, investment management, and real estate management. Trusts can be revocable or irrevocable.
There are different types of trusts that can be established to accomplish specific goals. A few of these are Living Trust, Special Needs Trust and Supplemental Needs Trusts.
The person who provides the property or creates the trust is referred to as the
Living Trust - is created by the person who owns the assets (the grantor), directing the trustee to manage the grantor's property for the grantor's sole benefit.
Special Needs Trust - is established for an individual who is a beneficiary of government benefits to prevent them from becoming ineligible for those benefits. This type of trust is funded with the beneficiaries own assets.
Supplemental Needs Trust - is established for the benefit of a disabled person to supplement the needs that are not provided by a federal, state or county program. It provides for reasonable living expenses and other basic needs of a person with a disability. This does not include trusts funded by the client, the client's spouse, or anyone obligated to pay damages for the individual. Someone other than the beneficiary funds this type of trust.
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