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 8 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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