Name of Personal RepresentativeTrustee Form
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People also ask
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What is the difference between a trustee and a personal representative?
Personal representatives will oversee the distribution of your estate upon death, with or without the guidance of a last will and testament, while a trustee manages a trust until the time has come to distribute its contents, and dissolve it – whether shortly after your death, or several years later.
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What does it mean for a representative to act as a trustee?
In this model, constituents elect their representatives as 'trustees' for their constituency. These 'trustees' have autonomy to deliberate and act as they see fit, in their own conscience even if it means going against the explicit desires of their constituents.
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What is an example of a trustee name?
For example, if someone named John H. Smith transferred his bank account into his trust named “The John H. and Mildred R. Smith Living Trust” and was the trustee, the owner of the account would be “John Smith, Trustee of the John H.
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Who should I name as trustee of my trust?
Getting legal advice Successor trustees can be your adult children, other family members, close friends, or a corporate trustee from a bank trust department or trust company.
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What is the difference between a trustee and an authorized representative?
Basically, after your lifetime, a trustee is responsible for assets held in trust and a personal representative (sometimes also called an executor) is responsible for assets held in your individual name. You appoint these important agents of your estate plan with will or trust documents.
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Is a personal representative the same as a trustee?
While both have a fiduciary duty to you and your beneficiaries, they oversee two very different things. A personal representative will represent your wishes and interests in your county's probate court. A trustee, on the other hand, is the manager of one of your living trusts.
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Who is the best person to appoint as trustee?
Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate trustee (bank trust department or trust company). If you choose an individual, you should name more than one in case your first choice is unable to act.
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What does it mean for a representative to act as a trustee?
In this model, constituents elect their representatives as 'trustees' for their constituency. These 'trustees' have autonomy to deliberate and act as they see fit, in their own conscience even if it means going against the explicit desires of their constituents.
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