Yes! First, your trustee only has authority over your financial assets that are held in your Revocable Trust, and chances are not all of your financial assets are in your Revocable Trust.
Second, when you file your annual income tax return, any income earned by your Revocable Trust is included on your personal return. Your trustee can’t file an income tax return on your behalf, but the person to whom you’ve granted your Power of Attorney power – your so-called attorney-in-fact – can file your income tax return.
Because a trustee holds legal title whereas your attorney-in-fact does not, third parties are sometimes more comfortable dealing with a trustee than with an attorney-in-fact. Thus, bank accounts may be readily handled by your attorney-in-fact, but real estate and your business may be better served by the trustee.
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