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Who has custody of the irrevocable trust?

The assets in an irrevocable trust are legally owned by the trust itself, not by any individual. The trustee is responsible for managing the trust assets for the benefit of the trust beneficiaries as outlined in the trust agreement.


Are the debts of a trust payable out of the trust estate?

Yes, typically the debts of a trust are payable out of the trust estate. Creditors of the trust have the right to seek payment from the assets held within the trust before distribution to the beneficiaries.


Is the Settler of a Revocable Living Trust the person whos name appears on the Trust?

The settler is the person who creates the trust and transfers their property to the trust. More common terms are grantor and trustor.


How many settlors can a trust have?

A trust can have one or more settlors, also known as grantors or creators of the trust. There is no legal limit on the number of settlors a trust can have.


Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?

The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.

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