 |
Professional Consultants and Fees
Under most trust documents, the
trustee is authorized to use trust funds to retain professional advice on
matters pertaining to the administration of the trust. This allows the trustee
to hire attorneys, obtain tax advice, retain an investment consultant, and
utilize other professional services to assist the trustee in managing the
trust. The trustee may find it useful to rely upon the opinions of these
experts when making decisions, as this can avoid problems with the trust in the
months and years ahead.
|
|
|
|
|
Disbursements to Beneficiaries
Distribution of Income and
Principal
Depending upon the terms of the trust, the trustee may distribute income and/or
principal to the beneficiaries. Principal is the property contained in the
trust, while income encompasses the rent, dividends, and interest payments
earned by investing the principal. Trusts can specify a number of ways in which
the trust should be distributed. Some trusts require the trustee to distribute
income only, others allow the trustee to determine when and how much of both
income and principal to distribute. The trust can be customized to meet the
needs of the client.
Distribution of Gifts
Many trusts will call for one or more items of property to be distributed to a
named beneficiary.
| This could be a gift of money, stocks or
bonds, real estate, or other property.
The trustee must look to the trust document
to determine which assets should be
distributed and under which conditions. |
|
|
|
|
|
|
|
