Can a parent be the trustee for their child’s irrevocable trust?

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Can a parent be the trustee for their child’s irrevocable trust?

Non-parent grantor funds irrevocable trust. Parent wants to be Trustee for child.

Asked on November 30, 2016 under Estate Planning, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes: the key to an irrevocable trust is that the person creating and funding the trust cannot be the trustee, because then, he or she is still controlling the trust assets--it's not really different from him or her simply still owning the assets. But if a different person creates this trust then the parent can be the trustee.


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