Trustee Power To Add Beneficiaries
Description
How to fill out Power Of Attorney By Trustee Of Trust?
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FAQ
There is no express power for the Trustees to add beneficiaries to the Trust, but there is an express power for the Trustees to 'amend or add to the administrative provisions of the Will. '
Typically, the beneficiaries in a discretionary trust can be changed by preparing a Deed of Amendment. However, many older discretionary trust deeds fail to make it clear whether a specific person can be removed and/or appointed as a beneficiary.
Power to Add Charitable Beneficiaries. Pursuant to IRC § 674, grantor trust status is triggered if any person has the authority to add new beneficiaries (other than after-born or adopted children) of either the income or principal of a trust.
The right to add and remove beneficiaries is a power reserved for the grantor of the trust; when the grantor dies, their trust will usually become irrevocable.