May I be the only Settlor, Trustee and Beneficiary?
The Texas NFA Trust is a revocable living trust. That means that the founder of the trust (the Settlor) may be the life trustee and the life beneficiary. However, the beneficiary who takes when the settler dies should be named. A trustee of the trust may not generally also be the beneficiary of the trust. 18. How many people may be a trustee on my Texas NFA Trust? There is no limit. However, each trustee has duties and obligations to the trust that they will have to be aware of. 19. May I remove a Trustee from my Texas NFA Trust? ? The simple answer is yes. As a Settlor, the right to remove trustees is reserved in the Texas NFA Trust. 20. Will my Beneficiary get the assets of the Trust when I die? The answer is not simple. In Texas, all property is presumed to me community property. If you put community property in a Texas NFA Trust, your spouse may have a claim on her share of the community property that is in the trust. This prevents fraud on the community estate. 21. May a beneficia
