If you appoint someone else as the managing trustee, you would need to give that person letters of wishes whenever you want any transactions performed. That can be done if you really trust that person, but it is inconvenient and it reduces your control over the assets you have put into the trust.
That is why we recommend for most clients that you yourself be the managing trustee. We are one of the only trust writing organizations in the world that offers that. It makes it far more convenient for you to be the controller of the bank account and movement of assets into and out of the trust if you are the managing trustee.
So if you wish to be your own trustee, then the next thing you need to know is whom to appoint as trust officers. You will need a grantor, and if you are going to be the managing trustee, you cannot be the grantor. So, we can appoint one for you for $100, or you can find a friend or family member to do it. Because these are irrevocable trusts, the grantor signs on and signs off right at the beginning. He or she has no responsibilities and gets no compensation. (“Grantor” is also called “Settlor”).
For $100, we provide what is called a “Nominee Grantor”. “Nominee” means “in name only”. It means that person doesn’t actually have to put his or her assets into the trust. You as trustee can put assets into the trust and take assets out. You have full control.
Then you will need an inactive co-trustee to sit in the background, or a successor trustee to take over when you are no longer available to continue the managing trustee duties. Last, you will need at least one beneficiary. You can appoint these people after you purchase the trust. If you need help in deciding on these roles, our trust writer can assist you once you are a paid trust client.
