If you’re the beneficiary of a trust, understanding your rights and responsibilities can help you better plan for your future.
Questions for the grantor include understanding the intentions of the trust and knowing who else has access to the trust.
Questions for the trustee or trust administrator include understanding their role and the logistics around distribution requirements.
Each family handles conversations about money differently. For some, discussing finances is a regular practice. For others, conversations may not happen until major life events require family members to get involved and understand the details of an estate plan.
If you find out that you’re the eventual beneficiary of a trust, it can be helpful to start having conversations about what that means for your financial future now. Here’s a checklist of questions to ask both the grantor (often your parents or grandparents) and the trustee and/or trust administrator. Asking the right questions can help you understand your rights and responsibilities as you plan for your future.
If you find out that you’re the eventual beneficiary of a trust, it can be helpful to start having conversations about what that means for your financial future now.
When you find out you’ll be the beneficiary of a trust, it’s in your best interest to ask questions so you can understand the process and your specific responsibilities.
Here are some questions to discuss with the grantor of the trust:
You’ll want to know if the trustee will perform all functions associated with trust administration, including investment management, or if there will be other service providers involved (such as investment managers and tax return preparers). You can review this with the trustee or the trust administrator. It’s important to remember that they are there to help you understand the terms of the trust.
Here are some questions you can ask:
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