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He advocates a simpler approach of using an independent trustee you know.
With a revocable living trust, you basically put all your assets in the trust, and the trustee you name distributes them according to your directions after you die.
Whether you are a retail investor in a mutual fund, or a pension-fund trustee, you will almost never find a fund manager who can repeatedly beat the market.
They can be used to receive inheritance funds on behalf of your child and managed by a trustee you appoint, Chung said.
But let's assume that instead of appointed some third-person as the Trustee, you simply make one of your heirs/beneficiaries the Trustee.
Although your successor continues to act in your best interest, be cautious you need a trustee you can advise and with whom you have confidence and who will understand your needs and life style and permit that to be maintained.
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"It doesn't matter how many trustees you know.
Your charity's governing document might say how many trustees you should have and how they should be appointed.
So, Rutgers University Board of Trustees, you know what you need to do.
After you die, a trustee that you name distributes the assets according to your instructions, all while avoiding probate.
"Now can you ever imagine one of your trustees telling you that you're an idiot?" one curator asked Dr. Varmus, the Sloan-Kettering president, during his presentation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com