What does the word trustee mean in a will?
A trustee is an individual ot a trust institution that holds the legal title to property for the benefit of someone else. That person or persons is what is called the beneficial owner. In most US states there are laws pertaining to how much the fees may be for the trustee to charge. By holding the legal title, the trustee has a vested and legal, and moral obligation to see that the property is diversified and that taxes are paid each year.
What is a trustee?
A trustee is someone that people have placed their trust in. Usually this means that a person is responsible for money or financial instruments on behalf of someone else. Ofte…n a minor, who is not able to contract, will have a trustee that maintains a trust for that minor. A trust is a set of funds, investments and/or property that they must track and report on with full accountability. \nBriefly, a trustee is someone who holds legal title to property in trust for another. They owe a duty to the beneficiary of the trust and must carry out their duty in accordance with the provisions of the trust instrument. \n\nA trustee in bankruptcy is an officer appointed by the court to collect the assets of the debtor and who can sell the debtor's property under the supervision of the court.
What is substitution of trustee?
That is a way of stating that a trustee has been replaced by a successor trustee. The substitution or appointment must be in writing.
What does it mean to vote as a trustee?
When a person is incapable of acting for himself due to minority, mental illness or physical incapacity, a trustee may be appointed..
The trustee signs cheques "John Doe as T…rustee for Simon Smith". The trustee can vote if necessary in exactly the same fashion.
What does substitution of trustee mean?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized… "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something..
What is trustee-to-trustee transfer?
One Answer \n.
\nA trustee to trustee transfer is the legal method used to transfer an IRA or SEP (retirement accounts) account to another entity. For example, if you have …an IRA certificate of deposit mature at one bank and wish to transfer it to another bank with a higher interest rate you are not allowed to cash out the CD and transfer it yourself. You need to fill out forms at the new bank and a trustee to trustee transfer will be done between the two banks. Once you have deposited funds into a personal retirement account you cannot withdraw the money yourself without incurring penalties. The banks act as your trustees.
How can a trustee be fired?
It depends on what the trust says, but you can always petition the court.
How can you trust a trustee?
You should choose a trustee who you know to be trustworthy. If you are a beneficiary and had no part in choosing the trustee, you should ask for an inventory of the trust p…roperty and ask for an annual accounting of all the property that came into the trust during the year and all the property that went out. The trustee should provide an annual accounting for every year they serve. The trustee should be able to account for every cent that they handled. If the trustee will not co-operate you can bring an action in court to: 1) have the trustee ordered to provide an accounting; 2) have the trustee removed; and, 3) have a new trustee appointed by the court. Many trustees are under the impression they can act in secret. However, they cannot. They serve in a fiduciary position and are subject to state laws that govern the action of fiduciaries. A trustee must follow the provisions of the trust to the letter. They have no other power than that recited in the trust document. They are accountable to the trustor and the beneficiaries for any mismanagement of the trust property. If you think the trustee is mishandling the trust that benefits someone else you should speak up and have that trustee's actions reviewed by the proper authorities. Again, it depends on what type of trust you are referring to. It is always a good idea to pick your Trustee carefully but realize that you can fire the Trustee in a heart beat if you are dissatisfied with his/her/its behavior Randy Hughes
Does a trustee have to follow the will?
Yes. A will must be probated in order for it to be approved by the court and for the court to appoint an executor. If a trust is set up in a will (testamentary trust) then t…he court must officially appoint the trustee also. The executor and the trustee must follow the provisions in the will, the testamentary trust and the state probate laws under the supervision of the court . Both the executor and the trustee must follow the provisions of the will and the trust set forth in the will exactly. They have no power to change anything. If they fail to act efficiently they should be reported to the court and replaced. They have no other power except that provided by the will and the court.
Who pay the trustee?
its a trust or a beneficiary.
Can a trustee view the will?
AFTER a will has been probated it becomes a public document and you should be able to view it at the Clerk of the Court's office. Prior to the individual's death and before it… is probated it is a private document which does not have to be shown to anyone. A trustee is someone that people have placed their trust in. Usually this means that a person is responsible for money, property or financial instruments on behalf of someone else. A trust is a set of funds, investments and/or property that they must track and report on with full accountability.
What does it mean when it says after the owners name on a deed trustee?
That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual. That …means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual. That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual. That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.
Answered
In Acronyms & Abbreviations
How do you abbreviate the word TRUSTEES?
TTEES
Answered
In Probate
What does Successor and Trustee mean?
A trust is a legal relationship whereby an individual (the trustor) or group of individuals transfers title to their property to a trustee . The purpose is to protect the pro…perty from creditors, relatives, any claims or liens made against the individuals, to remove property from an individual's estate, to control how the property will be distributed at death, to minimize taxes, to protect assets from a spendthrift child or beneficiary, etc. The trustee must manage the trust property, pay over the profits from and protect the property according to the terms set forth in the trust instrument. A successor trustee is named to take over the responsibilities and powers of a trustee who has died, resigned or can no longer act for the trust. A trust is a legal relationship whereby an individual (the trustor) or group of individuals transfers title to their property to a trustee . The purpose is to protect the property from creditors, relatives, any claims or liens made against the individuals, to remove property from an individual's estate, to control how the property will be distributed at death, to minimize taxes, to protect assets from a spendthrift child or beneficiary, etc. The trustee must manage the trust property, pay over the profits from and protect the property according to the terms set forth in the trust instrument. A successor trustee is named to take over the responsibilities and powers of a trustee who has died, resigned or can no longer act for the trust. A trust is a legal relationship whereby an individual (the trustor) or group of individuals transfers title to their property to a trustee . The purpose is to protect the property from creditors, relatives, any claims or liens made against the individuals, to remove property from an individual's estate, to control how the property will be distributed at death, to minimize taxes, to protect assets from a spendthrift child or beneficiary, etc. The trustee must manage the trust property, pay over the profits from and protect the property according to the terms set forth in the trust instrument. A successor trustee is named to take over the responsibilities and powers of a trustee who has died, resigned or can no longer act for the trust. A trust is a legal relationship whereby an individual (the trustor) or group of individuals transfers title to their property to a trustee . The purpose is to protect the property from creditors, relatives, any claims or liens made against the individuals, to remove property from an individual's estate, to control how the property will be distributed at death, to minimize taxes, to protect assets from a spendthrift child or beneficiary, etc. The trustee must manage the trust property, pay over the profits from and protect the property according to the terms set forth in the trust instrument. A successor trustee is named to take over the responsibilities and powers of a trustee who has died, resigned or can no longer act for the trust.
Answered
In Deeds and Ownership
What does the word trustee mean after the grantees name on a property deed?
When the term trustee follows the name of the grantee on a deed that means the person named has not taken title as an individual. They have taken title as the trustee for a tr…ust. A trust is a legal arrangement for holding title to property and it cannot act for itself. A trustee must be appointed who acts on behalf of the trust according to the provisions in the document that created the trust. When the term trustee follows the name of the grantee on a deed that means the person named has not taken title as an individual. They have taken title as the trustee for a trust. A trust is a legal arrangement for holding title to property and it cannot act for itself. A trustee must be appointed who acts on behalf of the trust according to the provisions in the document that created the trust. When the term trustee follows the name of the grantee on a deed that means the person named has not taken title as an individual. They have taken title as the trustee for a trust. A trust is a legal arrangement for holding title to property and it cannot act for itself. A trustee must be appointed who acts on behalf of the trust according to the provisions in the document that created the trust. When the term trustee follows the name of the grantee on a deed that means the person named has not taken title as an individual. They have taken title as the trustee for a trust. A trust is a legal arrangement for holding title to property and it cannot act for itself. A trustee must be appointed who acts on behalf of the trust according to the provisions in the document that created the trust.
Answered
In Uncategorized
How would one define the meaning of the word trustee?
A trustee is one who manages a property or other assets for the benefit of another. Some trustees are paid, others are voluntary. Many charities are managed by boards of trust…ees who make decisions and to whom the charities' employees are accountable.
Answered
In Probate
Should the lawyer of your deceased father explain to trustees what it means to be a trustee?
It would be a good idea to provide a basic understanding. The lawyers should help them with knowing the proper processes and responsibilities.