Posts Tagged 'successor trustee'

Question: Do I have to file the Trust with the Secretary of State for it to be immediately protected or effective?

Answer:  A living revocable trust is not recorded to make it “valid,” “legal,” or “effective” in any way.  Once the trust is properly signed, it will be effective.  Of course, its effectiveness in avoiding probate depends upon your proper care and feeding of the trust.

The secretary of state is the usual place where corporate, LLC and limited partnership documents are ...

When you set up a living revocable trust, you’ll almost always be the original trustee. When you die, you’ll name a successor trustee. When your parents die, you may be named as their successor trustee. Nobody ever sits you down and explains the trustee liability you are taking on.

All trustees are bound by fiduciary duties. As the trustee of your own trust or as successor trustee of your parents’ trust, you are under strict obligation to protect the trust accounts ...