Acting Trustee/Successor Trustee for Revocable, Irrevocable, Special Needs and Insurance Trusts
Executor/Personal Representative for Probate
Attorney-in-Fact under Power of Attorney
The person appointed, or required by law, to manage and or distribute Trust assets. Trusts are now commonly used to transfer property on death which may avoid the cost and time of a probate proceeding.
Trust Administration is performed by a Trustee who has the task of carrying out the distribution instructions of a Trust upon the death of a Trustor. Trust Administration, depending on the distribution wishes, the types of assets, and the current law, can be time consuming and complex.
The elderly, sick and disabled who need long-term care often need medical care within their homes. These patients also often need help managing day-to-day tasks, since their conditions sometimes make everyday tasks difficult. Home care managers make sure that these individuals receive all the resources they need.
(Or Letter of Attorney) Is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter. There are two common types of POA.
A corporate trustee is a company that has been appointed to administer (manage) a trust. The trustee manages the trust's income and property in accordance with the terms of the trust document.
A guardian and protector appointed by a judge to protect and manage the financial affairs and/or the person’s daily life due to physical or mental limitations or old age.
The individual who manages the affairs of someone who has died. The Executor collects the property, pays debts and taxes, and then distributes assets, as specified in the Will. The Executor also handles any probate court proceedings and notifies beneficiaries, organizations, and agencies of the death.
Is a unique type of guardian in a relationship that has been created by a court order only for the duration of a legal action. Courts appoint these special representatives for infants, minors, and mentally incompetent persons, all of whom generally need help protecting their rights in court. Such court-appointed guardians figure in divorces, child neglect and abuse cases, paternity suits, contested inheritances, and so forth, and are usually attorneys.
The duties of a court-appointed receiver include handling assets which is the alternative to bankruptcy for the business or for a divorce. The assets could be financial, as well as physical. The court-appointed receiver should be an unbiased, third party.
By law, a small business can be owned by an "electing small business trust". This means that the people who are beneficiaries of the trust are also shareholders of the company.