This form is a Fiduciary Deed where the grantor may be an executor of a will, trustee, guardian, or conservator.
Utah Fiduciary Deed for use by Executors, Trustees, Trustors, Administrators and other Fiduciaries
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How to fill out Utah Fiduciary Deed For Use By Executors, Trustees, Trustors, Administrators And Other Fiduciaries?
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FAQ
Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement.It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal.
Yes. It's quite common for an executor to be a beneficiary. Consider when one spouse passes away, the living spouse of the decedent is frequently named executor. It's also common for children to be named both beneficiaries and executors of wills/trustees of family trusts.
The Trustees can be the author, domestic members or associates, professionals such as accountants, attorneys, etc. a panel of banks or a Trust company, or any mixture of these people.
Yes, it is possible for the same person to be appointed as both Executor and Trustee. In fact, this is not uncommon. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it's important that they are clear on the specific duties and responsibilities of each.
The personal representative and the trustee named in such wills are sometimes the same person. In the case of a revocable trust containing a testamentary trust, the trustee continues on as the trustee of the trust after your affairs are settled and the trusts are funded.
Expect to pay $1,000 for a simple trust, up to several thousand dollars. You may incur additional costs after the trust has been established if you transfer property in and out or otherwise move things around. However, the bulk of the cost will be setting it up initially.
From a legal standpoint, you can appoint yourself as the Trustee of any trust you create, whether it is a revocable or irrevocable trust.If you become incapacitated, your designated successor Trustee takes over management of the trust assets until you are able to resume as the Trustee.
Open a bank account in the name of the trust. Close out any bank accounts the grantor established for the trust and put the proceeds into the new trust bank account. Cash in any life insurance policies that name the trust as beneficiary and put the proceeds into the trust bank account.
If you fail to receive a trust distribution, you may want to consider filing a petition to remove the trustee. A trust beneficiary has the right to file a petition with the court seeking to remove the trustee. A beneficiary can also ask the court to suspend the trustee pending removal.