We Answer Some Frequently Asked Questions About Estate Planning
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Does the Trustee have to be a U.S. Citizen?
Yes. There are serious federal tax implications from choosing a foreign Trustee.
What are the duties of a Trustee?
The Trustee must ensure that the Trust is administered in a timely fashion and according to the rules. For a complete list of Trustee duties, click here.
I don’t have a trusted family member or friend to serve as my Agent, Executor, or Trustee. What are my options?
Some people choose to nominate a Professional Fiduciary or a Bank or Corporate Trustee to manage their finances if they become incapacitated or pass away. We can help connect you with these professionals once we have a better understanding of your family’s individual needs.
What is the difference between a Durable Power of Attorney Agent, an Executor, and a Trustee?
Your Agent is the person you designate in your Durable Power of Attorney to make financial decisions for you if you are incapacitated. An Executor is the person you designate in your Will to handle any financial or guardianship issues that would be subject to the probate court process. Your Trustee is the person you designate in your revocable living trust to wrap up your affairs upon your death and manage the financial distributions to your designated beneficiaries. Typically, you choose the same person to serve as your agent, Executor, and Trustee.