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Can the trustee of a irrevocable trust buy the house in this irrevocable trust and take a loan out on the house to pay the other beneficiary?
Wiki User
∙ 14y ago
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
Wiki User
∙ 11y ago
Wiki User
∙ 14y agoThe trustee has only the powers that were granted in the document that created the trust. The trustee is prohibited from self-dealing by law. In this case, the trustee would be transferring the ownership of the real property to himself/herself. That may or may not be in the best interest of the other beneficiary. The trustee should consult with an attorney who specializes in trust law who can review the trust and determine if the proposed transaction is legal.
Wiki User
∙ 11y agoYou need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
Wiki User
∙ 9y agoA trustee has many legal rights as a representation but a trustee can not borrow money from an irrevocable trust.
Wiki User
∙ 13y agoNo. A grantor must be completely uninvolved in an irrevocable trust or it doesn't qualify as such.
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Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
Can beneficiary of trust tell a trustee what to do?
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
my mother has set up an irrevocable trust for myself and two other siblings. they get along fine with the trustee but there is great friction between him and myself. how do i have him removed and the trust turned over to another trustee?
Irrevocable means exactly that. The Beneficiaries might be able to remove the trustee if there is malfeasance, misfeasance, incompetence, negligence, fiduciary mismanagement, etc. This is a very difficult task to prove
Can an elderly trustee transfer rights to a beneficiary who is in conflict with other beneficiaries?
The trustee has only the powers set forth in the document that created the trust. You must review that document for your answer.
Does the trust end or must a new trustee be appointed if there are two trustees one of them also being the beneficiary and the other one dies?
You need to review the terms of the trust to determine how a new trustee must/can be appointed. A beneficiary/trustee invalidates a trust in many jurisdictions and may make the trust property vulnerable to creditors. You should contact the attorney who drafted the trust.
Irrevocable trust - 2 folks named in trust 1 is successor trustee w 60 claim other gets 40 - can the successor trustee donate the assets without the approval of the other benefactor?
Your phrasing is difficult to understand. The only power a trustee has is set forth in the trust instrument. If a beneficiary is supposed to receive 40% of the trust assets then, of course, you cannot take their portion and donate it. You should read the trust document to refresh yourself on the purpose of the trust and your obligations as trustee. You cannot steal, or misuse the assets. You cannot do anything with the trust property that's not stated in the trust. You have liability for any wasting of the trust assets.
Can you sell a revocable living trust?
If I am the beneficiary of a revocable living trust which is specific and only has one house in it can I assign my beneficiary rights to some one else? Also can I draw a note between myself and the person whom I am assigning the note to for the sales price and record a trust deed against the note. I live in Utah. I other words I am selling or assigning the trust which owns the house. The trustee will remain the same, only the beneficiary will change.
In an irrevocable trust if false information is given by the trustee in the state of NH if that considered perjury and what is the punishment?
It is considered perjury and you will be in contempt of court. There are fines and other penalties for contempt of court.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
What are all the options in which an Irrevocable Trust can be broken to release all assets in the trust to the beneficiary?
what are my rights as a trust beneficiary? Possibilities; Note that a trust can be otherwise impossible to break (especially spendtrhift). 1. if trust purprose is no longer valid. 2. judicial order for cause. 3. spendthrift - prove to trustee that you can handle $$. 4. spendthirft - when & If you have more $$ or asssets than the spendtrhift 5. Lump sum or other distributions that get the trust down to unmanageable low levels thereby making the trust invalid or too expensive to manage.
Can a trustee change the distribution of a trust after the other trustee dies?
No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.
does a shcedule A or B need to be filled out in an irrevocable living trust if i am already named trustee in all the other paper work?
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