How does a nominee grantor work and do they have to sign the trust?

| 0

Some trust clients want to be trustee. If so, you can’t be both trustee and grantor. Therefore, you need to appoint someone else as the grantor. That other person is referred to as “nominee” because he didn’t originate the idea of starting the trust. He simply agrees to the proposal of playing a temporary role. He receives no remuneration for doing so and has no responsibilities. He signs on as grantor, and then signs off. As you know, grantors in these trusts always sign off at the beginning as relinquishing all further involvement or control. Therefore, a nominee grantor is the easiest role to fill. There are further details in the documents that make it lawful and proper, but that’s the essence of it.

Comment on this FAQ

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.