Wsalt Trustee Guide
A lets you designate who gets your money, personal property, real estate, and other assets after your death. You can also name in your will a guardian for a minor child, disabled adult child, or disabled spouse. You do not have to use an attorney to make a simple will, but if your circumstances are complicated (for example, you have a disabled child or you have children from a different marriage) you should consult an attorney. Trusts can be used for estate planning. A trust is a legal entity that holds assets. A trustee is appointed to manage the trust assets according to the terms of the trust.
A living trust can be used to manage assets during your life, then distribute your assets to your beneficiaries after your death. A testamentary trust is created through a will and can be used to manage funds and distribute your property to beneficiaries with greater control than a will typically permits. Most people do not need a trust. Trusts may be useful, however, if you are in a non-traditional relationship, if you have children who are not the children of your spouse, if you have a disabled child or spouse, or if you have a taxable estate.
Walt Trustee Guidelines
Trusts can complicate matters when not done correctly. You should use an attorney to create a trust. A living trust is a legal entity that you can create to hold your assets. The trustee who is appointed is a fiduciary. In a trust, you name a trustee to manage the assets owned by the trust according to your instructions on how you want those assets managed. Typically, you or you and your spouse would serve as the trustee of a living trust while you are able to serve. A successor trustee is the person who takes over management of the trust when you are no longer able.
The trustee can only manage assets that are owned by the trust. A living trust can be a useful tool to manage your financial assets and pass those assets on to designated beneficiaries after your death. Trusts can, however, be expensive to create. In addition, if not well-drafted, a trust can expose you to loss of control over your assets. Transferring assets into a trust could make you ineligible for government programs. Use an attorney to prepare a living trust, and avoid irrevocable living trusts.
Be suspicious of anyone who advises you that everyone needs a living trust. Even if you have a living trust, you still need a financial power of attorney to assure that assets that are not owned by the trust can be managed in the event of your incapacity. Adapted from Utah Commission on Aging Financial Security Guide (2007), published by AARP.
Wsalt Trustee Guidelines
Walter “Walt” Haley is the president and CEO of FMI Printing and Distribution. After graduating from the University of West Florida with a B.S. In Marketing, Walt worked for National Cash Register (NCR) Corporation as a salesperson before working his way up to zone manager, and eventually district manager. When Walt’s job brought him to Tallahassee, he fell in love with the city and saw an opportunity to start his own business. Walt started FMI in 1978 when he had the idea to offer a full line of printed products, complimented by an in-depth inventory management program.
FMI has since grown to include branch locations in Albany, Ga. And Hattiesburg, Miss. And today also offers services that include digital on-demand printing, office products, office furniture and promotional products. “I’ve been involved with the TMH Foundation for about 20 years now,” said Walt. “Being a Trustee lets me help people in the community. When you’re involved with the TMH Foundation, you’re not just helping those who are sick, but you’re also helping the overall wellness of the community– and that gives me a good feeling.” When Walt isn’t enjoying the various fundraisers and activities of the TMH Foundation – such as the annual golf tournament, Tee Off for Tots – you can find him spending time with his family. Together, Walt and his wife Carolyn have three children, John, Brian and Nicole, and seven grandchildren.
Walt Trustee Guide Pdf
In his free time, Walt enjoys traveling, reading, hunting, fishing and woodworking.