Incorporated Trustee
When you set up a trust, you also name a trustee to look after it. A trust represents a pile of money set aside for some purpose. You could create a trust for your kids’ education, or as part of estate planning, or to take care of your gerbils after you die.
The trustee is put in charge of the money in the trust. They pay the bills, distribute the funds, file all the necessary paperwork, etc. Basically, they make sure the gerbils have plenty of wood chips and that their exercise wheel stays greased.
Often, the trustee is a person, or group of people. In those cases, the trust is said to have a “natural trustee.”
Sometimes a corporate entity is named trustee. That situation defines an incorporated trustee. It’s when a company sits as trustee for a trust or fiduciary account rather than a person or set of people.
Related or Semi-related Video
Finance: What is Inter Vivos?4 Views
Finance a la shmoop what is inter vivos? inter between vivos part of an Elvis [Dictionary book flicks through pages]
Presley song okay remember Viva Las Vegas all right
no vivos means the living an inter vivos is a trust like between the living got
it so sorry all you zombies with large [Zombie appears]
inheritances and while you don't qualify well yeah inter vivos really is just
another word for a living trust an estate-planning vehicle that's set up
before the trustor has kicked the bucket so that they can transfer their assets
to trustees without having to you know go through all the probate nonsense
which cost a fortune and chews up all the money that they could have given to [Money transfers from grave to family]
their heirs it all goes to lawyers and the state well in other words in an
inter vivos trust they can keep the courts from getting involved and with an
inter vivos trust it isn't even necessary to wait until the trustor has
a you know gone the way of the dodo before those assets are distributed like [Gravestone of Dodo appears]
they can distribute it before they're dead bequeathed items and/or cash can
also start being divvied out before the trustors lifetime, although a trustee
might want to consider signing some kind of no take-backsies contract [No take-backsies contract appears]
just in case grandpappy start getting trustors remorse
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A regular trust is a legal vehicle into which assets are placed so that it is legally clear who is to receive what. A living trust is a established...