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If a trust has multiple beneficiaries what interest do they have?
Wiki User
∙ 16y ago
The nature of any beneficiary’s interest in a trust depends on the type of trust and the provisions set forth in the trust document. Generally, a beneficiary is not entitled to any direct access to the trust property. However, the beneficiary has an equitable interest in the trust property and that means they can bring an action against a trustee who misuses or wastes the trust assets, or who fails to manage the trust according to the provisions set forth the in the document that created the trust.
A beneficiary is entitled to distribution as set forth in the trust document.
Wiki User
∙ 8y ago
Wiki User
∙ 16y agoThat's one of the details that will be stipulated in the trust. There is no required interest.
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Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
What happens when a trust has 100 beneficiaries?
The trust gets divided into 100 equal parts and given to the beneficiaries.
Is a beneficiary required to accept any form of payment the trustee mandates from an trust?
You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.
What if beneficiaries of a trust want to remove a beneficiary from a revocable trust?
You need to review the trust document to determine whether the beneficiaries have that power and how it must be exercised.
How many beneficiaries can a trust have?
Unlimited.
What is the purpose of a business trust?
A business trust is a commercial business organization run by a trustee or group of trustees. Their main purpose is for the trust to manage or administer the business for the benefit of non trustees or beneficiaries who hold an equal interest in that business.
What does et al mean in a trust title?
"Et al" in a trust title stands for "et alii" which is a Latin term meaning "and others." It is used when there are multiple beneficiaries named in the trust document, but not all of their names are listed in the title.
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
What is the difference between a trustee and an agent on a trust?
A trustee is the person who takes care of all the properties of the trust for the benefit of the beneficiaries. An agent on a trust is a third party that takes care of the trust on behalf of the beneficiaries.
Can someone sue the beneficiary of a living trust for assets owned by the trust?
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
How long can a trustee of a trust keep information from beneficiaries after the death of the owner of trust?
The trustee shouldn't keep any information from the beneficiaries. They should contact the trustee by a registered letter and ask to review a copy of the trust. Since they are the beneficiaries they have a right to review the trust to make certain the trustee is following the terms of the trust. They should also request an accounting of the trust assets. If the trustee doesn't cooperate the beneficiaries can seek a court order. Situations involving trusts can be very complicated. The beneficiaries should seek advice from an attorney who specializes in trusts and probate law.
