Can a trustee and beneficiary be the same person?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can a trustee and beneficiary be the same person?

Asked on November 29, 2011 under Estate Planning, Louisiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

In a trust situation, the same person can be the trustor (person creating the trust), trustee (person who oversees, manages and distributes trust assets) and the beneficiary (person who has the benefit of the trust).

However, for estate tax planning, if the beneficiary of the trust is the same person as the trustee, then there is a possibility that assets of the trust could be picked up by the trustee's estate upon death due to the ability to control the corpus of the trust which defeats the whole purpose of creating such a document.

It is always best for an experienced Wills and trust attorney to draft a trust instead of a lay person.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption