A trustee is a person appointed to manage a trust. A trust is a legal structure that allows you to transfer the ownership of your assets to the trust, which is managed by the trustee. The trustee is responsible for managing the assets in the trust and distributing them to the beneficiaries according to the terms of the trust. This includes managing investments, paying bills, and filing taxes.
However, it's important to note that trusts are not suitable for everyone. They are typically used by individuals with significant assets, complex estates, or specific wishes for asset distribution. For individuals with basic estates and few assets, a simple will with an executor may be sufficient.
Creating a trust can be a labor-intensive and complex process that requires legal expertise. Online platforms that offer to sell trusts should be approached with caution, as these platforms may not provide the level of legal guidance needed to ensure that the trust is legally valid and effective.
For those with basic estates, online will creation platforms like wills.com can provide a quick and easy way to create a legal will that offers immediate protection. It's important to remember that two-thirds of the US population does not have a will, making online will creation an accessible option for many people.
In conclusion, appointing a trustee for your estate can help ensure that your assets are managed and distributed according to your wishes after your death. However, trusts are not suitable for everyone and can be complex legal documents that require legal expertise. For those with basic estates, online will creation platforms can provide an accessible way to create a legal will.