QUESTION
Can I be in control of the trust and not be able to touch it?
Asked on May 18th, 2017 on Estate Planning - California
More details to this question:
Iโm 23. I have a trust that I can't touch. What do I do with the trust? Do I have to get someone to be guardian? Do I gunned a guardian for the trust?
4 ANSWERS
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"I have a trust that I can't touch." What does this mean? Every trust has three parties: Settlor (or Trustor) who forms the Trust and puts something into it. Trustee who manages the Trust Estate. Beneficiaries who get the economic benefit of the Trust. It is certainly possible for you to be trustee of a trust from which you are not authorized to take distributions for yourself. Guardians are for minors only.
Answered on Aug 07th, 2017 at 8:47 PM
It is possible to be a Trustee and not have access to the estate. You can hire an attorney to help you with administration.
Answered on Aug 07th, 2017 at 10:50 AM
You certainly can be the trustee the person who operates the Trust per the Trust instructions without getting any benefit from the Trust. You do not really own it as you are restricted as to what can be done with the assets of the Trust. You cannot pick someone to be Trustee unless the trust instructions give you that power. There are Nolo Press books that describe trusts in layman terms.
Answered on Aug 07th, 2017 at 10:49 AM
There should already be an executor of the trust. Generally, if you are the beneficiary of a trust you will receive its contents via the executor until you reach the age at which the trust becomes yours to handle.
Answered on Aug 07th, 2017 at 10:49 AM