- Dec 27, 2007
- Yuma, AZ
I've been considering setting up a trust for NFA purposes ever since I moved out from behind the iron curtain of MA. I'm getting ready to pull the trigger, but what I'm trying to figure out is who people choose to fill the various rolls of the trust when they don't have a lot of family to pick from. From looking at the various "create your own" trust services online, it appears that you need three parties at a minimum: the settlor/initial trustee, a successor trustee, and a beneficiary. All the forms I've seen seem to list those three fields as mandatory. Co-trustees are always listed as optional, which makes sense. I would be the settlor, obviously. I would like my wife to be a co-trustee considering she has access to the safe. And I would like my infant daughter to be a beneficiary. Can my wife simultaneously be a co-trustee and a successor trustee, or do I need to come up with another name to fill that roll? Should I berate my parents for never providing me with siblings therefore denying me a supply of trustworthy successor trustees?