The Role of the Trustee
The beneficiary is the person that can receive monetary distributions from the trust. Once again, you can act as the beneficiary at first, and you name a successor beneficiary to assume the role after you are gone. It should be noted that you can name multiple beneficiaries to succeed you.
In the trust declaration, you leave behind instructions with regard to the way that you want the trustee to distribute the assets after you pass away. The trustee would follow these directions, and the distributions would not be subject to the process of probate and the pitfalls that go along with it.Once again, we can be engaged to provide the trustee with the necessary guidance if you choose someone that you know personally that is inexperienced. However, some people engage a professional fiduciary such as a trust company or the trust section of a bank. A living trust is just one of a number of different types of trusts that can be utilized. The precise nature of the trust administration tasks will vary depending on the device.