Can a spouse be trustee?

Can a spouse be trustee?

Because the role of the trustee is to administer your trust, you should carefully consider whom you choose. Anyone can be the trustee of an irrevocable trust, including your spouse.

Who can appoint trustee?

As per Section 10 of the Indian Trusts Act, any person who is capable of holding property can be appointed as a trustee. A person is deemed to have the capacity to hold property, if such a person is capable of administering the property effectively and efficiently with ordinary prudence.

How much authority does a trustee have?

The trustee has the power to manage, control, divide, develop, improve, exchange, partition, change the character of, or abandon trust property or any interest therein. 16228.

Can a trustee appoint someone else?

If no one you named in the trust document can serve, the last trustee to serve has the power to appoint, in writing, another successor trustee. EXAMPLE: To continue the previous example, if Nicole were ill and didn’t have the energy to serve as successor trustee, she could appoint someone else to serve as trustee.

What is a surviving spouse trust?

A marital trust is a fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple’s heirs. Also called an “A” trust, a marital trust goes into effect when the first spouse dies. When the second spouse dies, the trust passes to its designated heirs.

Who Cannot be appointed as trustee?

Anyone capable of taking physical possession of or legal title of the property can be a trustee. And there is no limit to the number of trustees to hold the position in one trust.

Can a settlor appoint a new trustee?

New trustees can be appointed under this section either by a power contained in the trust document providing that someone has the ability to appoint a new trustee (such person could be the original settlor, for example) or, if no such power exists in the trust document, by the existing trustees.

What happens to marital trust When spouse dies?

What Is a Marital Trust? Assets are moved into the trust upon death and the income that these assets generate go to the surviving spouse—under some arrangements, the surviving spouse can also receive principal payments. When the second spouse dies, the trust passes to its designated heirs.

What is the deceased spousal unused exclusion?

The surviving spouse can apply this deceased spousal unused exclusion ( DSUE ) – often called the portability option — of the last deceased spouse to cover the gift or estate tax liability arising from any subsequent lifetime gifts or transfers at death.

Can I change trustees?

It is possible for a trustee to retire from his position. Any person who has been given the power to appoint new trustees by the trust deed can appoint a replacement for Beth. If there is no such appointor, the remaining trustees have the power to appoint a replacement for Beth.