What is a trustee of a trust called?
A Trustee is a person who acts as a custodian for the assets held within a Trust. He or she is responsible for managing and administering the finances of a Trust per the instructions given. Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death.
What is the difference between a grantor and a trustee?
The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor (s) can make changes to the trust. The trustee manages the assets that are in the trust.
Who can be a trustee of a will?
Almost anyone you trust, who is over the age of 18, can be your Trustee. Friends/Family – This is a common route, but also comes with the potential for family drama and even resentment. However, if you have a friend or family member whom you trust, the peace of mind this option offers can be worth it.
Why is it important to choose a trustee?
The most important aspect of the role of Trustee is ensuring one acts in the best interest of the Trust. When thinking about whom to appoint as Trustee, it’s important to find someone who will be able to put all personal goals aside and follow the instructions as the Trust dictates. Choosing the right Trustee can be a daunting experience.
What is a testamentary trust in a will and testament?
A testamentary trust is a trust contained in a last will and testament. It provides for the distribution of all or part of an estate and often proceeds from a life insurance policy held on the person establishing the trust. There may be more than one testamentary trust per will.
What does it mean to be an estate trustee in Toronto?
Toronto Wills Fight Lawyer. An estate trustee, sometimes called an executor, is the representative who is designated to carry out the terms of a last will and testament. In cases where a person dies without a last will and testament (i.e. “intestate”) a person may apply to the Court to be approved as the estate trustee.