EDIT: sorry, i tried to answer in a hurry earlier - here s a more in-depth explanation as to what i meant - hope i don t lose you on the wordiness of it, lol - sorry, but i wanted to try and make it as clear as possible: again, anyone can hire a lawyer for any reason they want. however, only the person/people who set up the trust in the first place can make *major* changes to it (in other words, the person/people with the $$$$$, lol - known as the quot;Grantor(s)quot;).... if there is more than ONE Grantor, while any other Grantor(s) is alive, one Grantor alone may not make any changes to the trust without the legal, written consent/approval of the other living Grantor(s). the Trustee is the person in charge of handling the trust...many times, the Grantor (while still alive) is also the Trustee. the Successor Trustee is the person who will manage the trust when the Grantor dies, or if the Grantor becomes incapacitated. upon the Grantor’s death, the Successor Trustee will immediately have the same powers that the Grantor had as Trustee to buy, sell, borrow, or transfer the assets *inside the trust*. they also have the right to distribute the trust’s assets according to the instructions in the trust. HOWEVER, the Successor Trustee does *not* have the legal right to *CHANGE* the trust (for instance, the Successor Trustee can t add or remove a beneficiary, or change any beneficiary s entitlements as listed in the trust). if you have more specific questions/details you wish to share, i can give you a more specific answer - feel free to email me if you d prefer.
Tuesday, February 12, 2008
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