Legal Question in Wills and Trusts in North Carolina

Do I need a trustee or an account to "mentor" my trust fund?


Asked on 3/23/11, 4:01 pm

1 Answer from Attorneys

I do not have enough information. Are you the beneficiary? Or the settlor/grantor? If you are the grantor, then you need a trustee. The initial trustee usually is yourself. If you become incapacitated or die, then you need a successor trustee.

If you are a beneficiary, the trust already has a trustee. I have seen trusts, usually for very wealthy people, where the trust will provide for a trustee and a successor. However, this may often be a person who has no particular experience managing money. In such case, the trust may provide for the trustee to consult with advisors, such as financial or investment fund managers, attorneys, tax specialists, etc.

Other than that, I am not sure what you mean by "an account to mentor."

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Answered on 3/23/11, 7:05 pm


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