As a co-trustee on a trust which my father is the settlor, can I as a "responsible person" purchase a suppressor for the trust or does he as the settlor have to do it?
Posted: 4/14/2017 9:32:17 AM EDT
[#1]
Depends on how the trust is worded. On my trust, co-trustees are able to buy assets in the name of the trust, but yours may vary.
Posted: 4/21/2017 12:10:23 PM EDT
[#2]
Depends what language you put in your trust. In my case no.
"Each Co-Trustee shall have the power only to possess and care for each item of property of the Trust at the discretion of the Primary Trustee"
Posted: 4/25/2017 1:47:50 PM EDT
[#3]
After reading your trust, if the language allowing you to transfer an item to the trust is NOT in there, it is a simple process to have the settlor amend the trust to allow you to.
