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Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
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.
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Who pay the trustee?
its a trust or a beneficiary.
Can a trustee sue a Beneficiary of a trust?
Since a beneficiary has no fiduciary responsibility to the trustee it is unlikely the trustee would encounter a situation where she would need to sue a beneficiary unless perhaps the beneficiary had stolen or damaged trust property. In that case a suit could be brought in the appropriate court. More common are suits by the beneficiaries against the trustee.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
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
What is the meaning of fudiciary?
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
How do you transfer trusted land into the beneficiary?
You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.
Does a trustee of a discretionary trust have to reveal the amount of the trust fund to a discretionary beneficiary?
A beneficiary of a trust has the right to an accounting as a way to make certain the trust assets are not being wasted or mishandled by the trustee. A trustee does not have the right to operate in secret. A court can order an accounting.
