A trustee is responsible for managing the assets held in a trust for the benefit of the beneficiaries. Their duties include safeguarding the assets, making investment decisions, distributing income, and ensuring compliance with the trust's terms and legal requirements.

A trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries. The trustee manages the assets according to the terms specified in the trust document for the benefit of the beneficiaries.

A trust and a will are both essential estate planning tools, but they serve different purposes. A will outlines how your assets will be distributed after your death. In contrast, a trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. Trusts offer more control over asset distribution, can avoid probate, and provide privacy, while wills are subject to probate and become public record.

There are several types of trusts available, including revocable trusts, irrevocable trusts, living trusts, and testamentary trusts. Each type of trust serves different purposes and has its own advantages and disadvantages. It is important to understand the differences and choose the type of trust that best suits your needs.

To set up a trust, you need to draft a trust document that outlines the terms and conditions of the trust. You will also need to appoint a trustee and transfer assets into the trust. It is advisable to consult with a legal professional to ensure that the trust is set up correctly and in compliance with legal requirements.

Whether a trust can be changed or revoked depends on the type of trust. Revocable trusts can be modified or revoked by the grantor at any time. Irrevocable trusts, on the other hand, generally cannot be changed or revoked once they are established, except under certain circumstances and with the consent of the beneficiaries.