Who is in control of the assets in a trust?
Minneapolis, MN estate planning attorney Cameron R. Kelly talks about who is usually in control of the assets in a trust.
Email: [email protected]
Phone: (715) 381-7112
The person in charge of the assets in a trust is the trustee and a trustee is someone that’s appointed and they’re a fiduciary, which means that they’re taking care of property for someone else and they’ve got an obligation to manage that property in the best interest of the beneficiaries of the trust. And so if I create a trust my beneficiaries might be my children but they’re too young to manage that property on their own. The trustee is the person that I’m appointing to make sure that it’s taken care of for them well and the use of the word trustee in being similar to trust isn’t an accident they have to take care of it in a way that’s beneficial to my kids so I’m going to choose that person really carefully.