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When a trust is decanted, the accounts and property from the existing trust are removed and distributed into a new trust. This is done when the structure of the trust needs to undergo major changes.

Trustee(s) are in charge of handling all aspects of your trust. So, it is important to select your trustee(s) carefully. By better understanding the responsibilities of a trustee, you'll be better equipped to select the right person for the job.

There will come a time when someone needs to take over (either because of illness or death). When that time comes, it can be helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee manage accounts and property and another trustee handle distributions to beneficiaries.

As Americans continue to live longer, many of today’s retirees are finding it necessary to help elderly parents or relatives manage their personal and financial affairs.