Can one be both trustee and Beneficiary

Discussion in 'Taxes and Accounting' started by etrades, Aug 10, 2019.

  1. etrades

    etrades

    Hi guys,

    I want to ask if same person can be both Trustee and Beneficiary of a Discretionary Trust if it has one more beneficiary that is an LLC the owner / Director of which is the first beneficiary of this Trust ?

    Thank you
     
  2.  
  3. Do yourself a favor. First, go to the website for superior court for the county in which the Trust document originated. Search responsibilities of the Trustee, rights of the beneficiaries, and compile a complete list of questions. Then at bare minimum, spend the money for a consultation with a Probate Attorney, or outright retain one. This is a small price to pay to avoid a potentially very messy legal situation. And do it Now !!! Not when the time has come to execute the trust.