What is a Trustee?
So, a question that people commonly have for me, is the question “What is a trustee?” A Trustee is simply the person that is in charge of managing or controlling the Trust. So when you create a Trust you’re going to have to name an individual or two to serve in this role. And who is the initial Trustee of a trust, most often, that’s the person that creates or establishes the Trust. They name themselves as the initial Trustee and manager. However, when they come to a place when they are unable to serve as Trustee, most commonly, right, when people pass away, we need somebody else to step into their shoes and manage and control the Trust. That’s where these successor Trustees that you name in your Trust document would come in and take over on your behalf. So the bottom line, what is a Trustee? Simply the person that’s in charge of managing and controlling the Trust.
More questions? Contact us!
Author Bio
Catherine Hammond is the CEO and founder of Hammond Law Group, a Colorado-based estate planning law firm she founded in 2005. With a strong focus on protecting families from the legal consequences of disability and death, she creates comprehensive estate plans that minimize taxes, costs, and government interference.
A native of Denver, Catherine completed her undergraduate studies at Coe College in Iowa, and her Juris Doctorate from the University of Denver College of Law in 1993, concentrating on estate planning, tax, and mediation. Catherine is a member of various professional organizations, including WealthCounsel, ElderCounsel, the National Academy of Elder Law Attorneys, the Colorado Springs Estate Planning Council, and the Purposeful Planning Institute. Beyond her legal expertise, Catherine provides transformational coaching to support clients and their families through life transitions.
LinkedIn | State Bar Association | Avvo | Google
