Trust Form Revocable With Two Trustees
Description
How to fill out Florida Living Trust For Husband And Wife With No Children?
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FAQ
The administration burdens of the trust may also be reduced for each trustee serving as they can share the workload. If you name two or more, it is critical that you describe whether they must always act together or whether they can act independently of each other.
In most cases, the settlor, trustee, and beneficiary are the same person (at least until that person dies or becomes incompetent). In other words, if you set up a Living Trust, you can be the settlor, the trustee and the beneficiary of the trust.
When you create a shared revocable living trust, both grantors are the trustees while you are alive. You'll name someone else to be the successor trustee, to take over after both of you have died.
It is possible for a trust to have multiple grantors. If more than one person funded the trust, then they will each be treated as grantors in proportion to the value of the cash or property that they each provided to fund the trust.
The simple answer is yes, a Trustee can also be a Trust beneficiary. In fact, a majority of Trusts have a Trustee who is also a Trust beneficiary. Being a Trustee and beneficiary can be problematic, however, because the Trustee should still comply with the duties and responsibilities of a Trustee.