Who can be a trustee of a trust?

In Virginia, anyone who is legally-capable of entering into a contract can be a trustee for a trust. This legal capability can come from being 18 years old and able to legally sign a contract, or be appointed by a court in a court proceeding. A trustee of a trust is responsible for managing and protecting the trust assets, such as land, investments, or other property, on behalf of the beneficiaries of the trust. The trustee is also responsible for carrying out the instructions of the trust’s creator, such as when and how payments should be made to the trust’s beneficiaries. It is common for the creator of the trust to also be the trustee. This is a good idea since it allows the trust’s creator to oversee the trust’s assets and make sure the beneficiaries’ interests are being protected. However, that is not required. In fact, the creator can name multiple trustees in their trusts. These trustees can be friends or family members, or professional trustees such as a bank or financial institution. Any person who is legally able to enter into a contract is able to be a trustee of a trust in Virginia. It is important to make sure that the trustee has the capability and expertise to properly manage the trust’s assets. The trust’s creator should always look for a reliable and responsible trustee, no matter who it is.

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