Plan out Your Trust
One of the largest decisions you will make when drafting a trust is choosing the appropriate trustee to act on behalf of the beneficiaries. Many people who have a living trust simply appoint themselves as both trustee and beneficiary. If you live in the California area and are considering drafting a living trust you should consult with an attorney who handles the drafting of a living trust in Los Angeles.
The trustee to act in your best interests and manage the trust for the benefit of your designated beneficiaries. However, in certain situations you may consider having multiple trustees, referred to as co-trustees. Sometimes you may have a personal reason for wanting to appoint co-trustees. For example, a parent may want to appoint all their children as co-trustees so it does not appear that they are favoring one child over the other. In the alternative, it may be necessary to avoid adverse tax consequences which would penalize a sole trustee. If you have more questions regarding administration of a trust or trust drafting in California, you should consult with an experienced Los Angeles estate planning lawyer.