Can the grantor also be the sole trustee of a trust or is a co-trustee required?
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Can the grantor also be the sole trustee of a trust or is a co-trustee required?
And can debtors of a beneficiary have access to trust account?
Asked on September 4, 2012 under Estate Planning, Washington
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 12 years ago | Contributor
In Florida, the grantor can be the sole trustee; no co-trustee is required.
Usually, debtors of a beneficiary do not have access to a trust account, especially if the trust is a revocable trust and the beneficiary does not have power to change the trust, revoke the trust, or invade the trust principle.
Unless there is a very good reason not to include one, I include a "spendthrift clause" in trusts. This clause basically says that a beneficiary has no right to anything until it is actually given/distributed to them. It prevents beneficiaries from taking a loan on their portion or transferring their rights to someone else, and it prevents a beneficiary's creditors from attaching their interest.
Different rules may apply to irrevocable trusts, depending on how they are written. Different states may also have different rules.
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