By Margaret A Munro; Kathryn A Murphy
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Additional info for Estate & trust administration for dummies
Either the grantor or someone given the grantor’s power of attorney can transfer assets into a living trust. Living trusts also have provisions that handle the incapacity of one trustee and the appointment of a predetermined successor, or a procedure for determining a successor. This means that in the case of the grantor’s mental or physical incapacity, provisions in a living trust instrument can enable a trusted friend, relative, or advisor whom the grantor has selected in advance to assume the trusteeship and take over control of the grantor’s assets’ without the probate court having to appoint a guardian or conservator (see Chapter 2 for more information on guardianship and conservatorship).
For example, Mary is listed as the only signer on her disabled daughter Sue’s checking account, which is funded solely by Sue’s monthly disability payments. If Mary dies, Sue (or someone acting for her if she is unable to act for herself) must provide documentation that the account and the money in it actually belong to Sue and not Mary. This proof may be in the form of a letter between Sue and Mary mentioning the arrangement, check stubs from the disability payments, or even bank statements showing that all deposits into the account were for Sue, and all payments out were for Sue’s benefit.
Likewise, if the grantor or the grantor’s spouse is an income beneficiary, the trust is grantor. The key to identifying a true grantor trust doesn’t rest on the grantor’s power to revoke the trust but rather on the grantor’s keeping control, however tenuous, over the property inside the trust. In a grantor trust, the grantor is typically not only grantor but also a trustee; he or she is usually beneficiary of not only the trust’s income but also as much of the principal (the property funding the trust) as he or she needs at any given time.
Estate & trust administration for dummies by Margaret A Munro; Kathryn A Murphy