Trust

[Stacey3569]

What is the name of your state (only U.S. law)? Louisiana

Hello. My friend has named me in her will as the trustee for a trust to be set up for her child with insurance proceeds upon her death. I consider this an honor, but must admit that I really know nothing about it. How would this work? Would I be responsible for setting up the trust for the child, and if so, how is that done?

Thanks for any advice.

 

[Betty]

If you feel uncomfortable being trustee or do not want the responsibility, you can decline to be the trustee.

You might want to talk to an attorney who handles trusts. You will have the responsibility of seeing that the trust proceeds as used for the child as per the trust agreement. Did you ask your friend if the trust is already set up or how/when it is to be set up?

It's possible the child may be of age (an adult) at the time of your friend's death & no trustee will be needed unless this is a child who will for some reason always need someone to handle their money for them.