What Are the Benefits of Being an Irrevocable Trust Trustee?

Wonder what life is like as an irrevocable trust trustee?

Have you ever wondered what it’s like to be an irrevocable trust trustee? Being this type of trustee comes with numerous benefits, and understanding them is essential. Let’s delve into the world of irrevocable trust trusteeship.

Who Can Become an Irrevocable Trust Trustee?

First and foremost, anyone capable of taking physical possession of or legal title to property can be an irrevocable trust trustee (in most countries, age requirements apply, usually 18 or older). Typically, it’s recommended to designate a trusted friend, neighbor, or even yourself as the trustee. Having at least two trustees is wise, as certain decisions may require a unanimous decision.

Can there be more than one irrevocable trust trustee?

Yes. You need at least one person as Head Trustee. It’s good to have a minimum of two trustees just in case.

There’s no limit to the number of trustees who may serve in any one trust. But keep in mind, for certain decisions you may need to come to a unanimous decision so 2-5 irrevocable trust trustees should be plenty.

Furthermore, there is no law prescribing the character of a trustee, and while it has been held that a trust cannot be invalidated simply due to incompetence…

the trustee should be at least someone capable and fit for executing the powers and duties honorably.

If you can read and follow directions, our Bulletproof Trust Secrets program will give you everything you need to set up your trust(s) AND become a competent irrevocable trust trustee quickly.

As an irrevocable trust trustee – you have the power!

What are Some of the Powers of Being an Irrevocable Trust Trustee?

Irrevocable trust trustees have extensive powers to manage the trust as outlined in the trust instrument and equity. Some of these powers include:

• The power to enter into contracts on behalf of the trust, including contracts with beneficiaries.
• The ability to partition, exchange, sell, pledge, or mortgage trust property.
• Leasing trust property.
• Issuing, changing, or disposing of securities held by the trust.
• Supporting beneficiaries in reasonable ways.
• Initiating and defending legal actions in the trust’s or trustee’s name.
• Making gifts from trust property.

What Are Some Privileges of Being an Irrevocable Trust Trustee?
In addition to powers, trustees enjoy several privileges and rights:

• The right to full compensation, including reimbursement of expenses incurred in fulfilling duties.
• The privilege of residing within the trust estate.
• The right to seek legal counsel and opinions for trust administration.
• The right to request court directions in executing the trust.
• The ability to engage in a separate business for the trust’s benefit.
• Compensation for loss of time.
• Protection from being compelled to disclose trust records.
• The right to disclaim or resign from the trustee position.

Irrevocable Trust Trustees typically are not liable for—

►Contracts in which liability was properly limited using the methods shown in Bulletproof Trust Secrets.

►The debts of the trust incurred requiring the creditor to look solely to the trust for payment.(Conversely, the trust is not liable for the personal debts of the trustee either, except to the extent of attachability of the trustee’s interest in the trust);

►The independent, non-preventable acts of co-trustees, of which the head trustee had no prior knowledge;

►The acts of the trustees agents when properly contracted;

►Taxes on income of the trust; and

►Lawsuits against the trust.

As you can see, there are MANY powers and privileges that come with being a trustee of a private irrevocable express trust.

And while there aren’t many guidelines for who can become a trustee however; the fundamental principle of law is that for every power there is a correlative duty.

So you’ll want to make yourself head trustee or someone else you trust that has good organizational and management skills.

We’ll give you everything you need to get your trust set up and become a competent trustee so you can live like the elite where you…

own nothing but CONTROL EVERYTHING.

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