How do I indicate to give a monthly payout to a particular person only if he/she assumes as the trustee of my testamentary trust?
If you specify that something be given to your trustee, please take note of the following:
- The amount paid out does not necessarily mean your trustee cannot draw additional funds for his/her services. It is best to discuss this with your trustee and sign any agreements beforehand if you have any concerns.
- Consider professional trustees, such as licensed trust companies, as an option.
- Giving something to your trustee in your Will might make the trustee a beneficiary. Therefore, neither the trustee nor his/her spouse should be a witness to the Will.
- Any fees arising from the management of the trust fund (e.g., accounting fees, other expenses, etc.) will still be paid from the trust fund.
Within the testamentary trust, add the person under Trust Beneficiary.
Select the following configurations:
| Give | Monthly $ |
| On the following condition: | Only IF he/she assumes the role of as trustee of this testamentary trust, but stop when he/she ceases to be the trustee of this testamentary trust. This is meant to be paid forth as commission for his/her services (if assumed) as the trustee. |
