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Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
Wiki User
∙ 14y ago
There can be two trustees, depends on the wording of the trust.
Wiki User
∙ 14y ago
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What are New York state trustee fees?
Under the NY EPTL, trustees are entitled a fee for the execution of their duties with regards to a will. The exact fee amount is divided into tiers, depending on the value of the estate being managed.
What is trustee representation?
The view that elected representatives should vote based on their personal opinion, rather than on the basis of what their constiuents think. The idea is that people in congress are more informed on issues and can therefore make better decisions.
When elected representatives make decisions based on their own best judgment they are behaving as?
Trustees.
Is official use permitted the internet-based capabilities for unrelated to public affairs?
permitted
What roles does a member of Congress who votes based on the wishes of their constituents operate A- trustee B- delegate C- partisan D- politico?
trustee. Day?
Who are the trustees of don bosco s?
The trustees of Don Bosco are typically individuals or groups responsible for overseeing the administration and management of the organization's activities, usually in line with its mission and objectives. These trustees are often selected based on their expertise, experience, and commitment to supporting the goals of Don Bosco.
Revocable Trust?
Revocable Trust(Download)______________, referred to herein as SETTLOR, and _____________, referred to herein as TRUSTEE, (the singular term “TRUSTEE” shall refer to multiple TRUSTEES if multiple TRUSTEES are appointed) in consideration of the covenants and undertakings herein agree:ARTICLE ICONVEYANCE OF PROPERTY TO THE TRUSTEESETTLOR herewith assigns and conveys to the TRUSTEE, the property described in Exhibit “1” hereto. All of said property, together with any income, accessions and additions herein, shall be held by the TRUSTEE in trust for the purposes set forth in this revocable living trust.ARTICLE IIREVOCATIONSETTLOR hereby reserves the right to revoke this trust at any time, by written instrument. Revocation shall be effective upon mailing or delivery to the TRUSTEE of a notice of revocation.TRUSTEE may resign upon ____ days prior written notice to the SETTLOR. For purposes of this agreement, notices shall be delivered as follows:TO SETTLOR____________________________________________________________________________________TO TRUSTEE_________________________________________________________________________________ARTICLE IIISUCCESSORS TO THE TRUSTEE. ADDITIONAL TRUSTEESThe SETTLOR during his lifetime may from time to time add additional TRUSTEES by notice to the then existing TRUSTEES. In the event there are multiple TRUSTEES, the majority shall in any matter in which the TRUSTEES disagree control. In the event that the TRUSTEES are evenly divided in the actions to be taken, the TRUSTEE with the longest tenure of service shall cast an additional vote to determine the matter.In the event that any TRUSTEE resigns or is unwilling or incapable of acting, during the SETTLORs lifetime, the SETTLOR shall name additional or replacement TRUSTEES. After the SETTLORS death, _____________ shall name the replacements for any TRUSTEES who resign or are unwilling or incapable of acting. If ________ _______ is unwilling or incapable of acting, _____________ shall name the same. In the event that _____________ shall be unwilling or incapable of acting, the Court having jurisdiction over estates and trusts, located in ________ County, State of _________ shall name the successor TRUSTEES.ARTICLE IVWITHDRAWALS BY SETTLORThe SETTLOR may from time to time withdraw any portion of the corpus of the trust (whether capital or interest) by written notice to the TRUSTEE. The TRUSTEE shall be acquitted of all further responsibility for any assets so delivered upon receipt by the SETTLOR.ARTICLE VPOWERS OF THE TRUSTEEThe TRUSTEE shall have the power to do all acts, institute all proceedings and exercise all rights, powers and privileges that an absolute owner of the trust property would have, subject always to the discharge of trustees fiduciary responsibilities.I further direct that the TRUSTEE shall act without bond. Further, this TRUST shall be administered without the necessity for an administration thereof to be through the court system.No entity dealing with the TRUSTEE shall be required to investigate or to confirm the TRUSTEEs authority to enter into any transaction or to administer the application of the proceeds of any transaction.ARTICLE VICOMPENSATION OF TRUSTEEIf the TRUSTEE is an individual, then the TRUSTEE shall serve without compensation, but with reimbursement for reasonable and ordinary expenses. Nevertheless, the TRUSTEE if an attorney shall be entitled to compensation for legal services rendered to the trust, or if an accountant, for accounting services rendered to the trust.If the TRUSTEE is a corporation or banking entity, it shall be entitled to customary, reasonable and ordinary charges and expenses incurred in rendering services to the estate.ARTICLE VIDISPOSITION OF TRUST PROCEEDSAfter paying the necessary expenses incurred in the management and investment of the trust estate, including compensation as provided for herein, the TRUSTEE shall accumulate the same during the lifetime of the SETTLOR.After SETTLORs death the TRUSTEE shall distribute the net income of the TRUST the following manner:_________________________________________________________________Should any beneficiary named above die, the TRUSTEE shall distribute the net income to the lineal descendants of the beneficiary. If any beneficiary dies and is not survived by lineal descendants, the distributions from the TRUST shall be adjusted to pro-rata increase all other shares.ARTICLE VIIINVASION OF PRINCIPALAfter SETTLORs death, the TRUSTEE may apply so much of the principal of the trust for the use of the beneficiaries at such time or times as in trustees discretion TRUSTEE may deem advisable for their health, education, support and maintenance. Any amounts so applied to the use of any beneficiary shall be charged against, or deducted from, the principal of any share then or thereafter set apart for said beneficiary.ARTICLE VIIINON-ASSIGNABILITY OF THE TRUST PROCEEDSThe interest of the beneficiaries of this trust shall not be assignable, and beneficiaries shall not have the right to pledge, assign, convey, or otherwise transfer, lien or encumber any portion of the income or principal of the trust. All payments provided for by the beneficiaries herein shall be made directly to them or their guardians as is provided herein.ARTICLE VIIIDISTRIBUTIONS TO MINOR OR INCOMPETENT BENEFICIARIESThe TRUSTEE in his discretion may make payments of income or principal to any minor or incompetent beneficiary by paying the same to the minor or incompetents guardian, or to the person having control over the minor or incompetent, or by direct expenditure for the benefit of the minor or incompetent. However, the TRUSTEE may also pay an allowance in such amount as he may fit from time to time to the minor or incompetent. Further, in the discretion of the TRUSTEE the distributions for a minor or incompetent beneficiary may be accumulated and shall thereupon be paid to the minor or incompetent upon their disability being removed. Any payment under this Section shall operate as a full discharge of the TRUSTEE as to such payment.ARTICLE VIIIACCOUNTINGSThe TRUSTEE shall, after the death of the SETTLOR provide a semi-annual accounting to all competent, adult beneficiaries detailing the transactions, if any, of the trust. The same shall not be required to be audited, although the TRUSTEE may, in his sole discretion, may cause an audit to be performed from time to time.ARTICLE IXLIQUIDATION OF TRUSTIf at any time the total of the principal and income of the trust is less than $ __________, the TRUSTEE, may in his absolute discretion, close out the trust by paying the proportionate shares of each beneficiary to them. The TRUSTEE shall at that time deliver a final accounting to each beneficiary. Upon payment, the TRUSTEE shall be discharged from all further duties.ARTICLE XPERPETUITIES SAVINGS CLAUSENotwithstanding anything to the contrary herein contained, the trust created by this agreement shall cease and terminate as is provided in Section IX, 21 years after the death of the last survivor of trustors and all issue of trustors living at the date of this agreement.ARTICLE XIDISTRIBUTION OF DIVISION IN KINDOn any distribution from the trust, whether it be an ordinary distribution or one of principal, or a final distribution, the TRUSTEE may apportion and allocate the assets of the trust estate in cash and partly in kind, in TRUSTEEs discretion. The valuation, whether based on an appraisal, or not, made by the TRUSTEE shall be binding on the beneficiaries.ARTICLE XIILITIGATION OR COMPROMISE OF CLAIMSThe TRUSTEE may compromise, or abandon, at TRUSTEEs option any claim or claim against the trust, or subject the same to arbitration. Or, the TRUSTEE, in his absolute discretion, may litigate any claim in favor of or against the estate.ARTICLE XIIINOTICE OF EVENTSUntil the TRUSTEE receives notice of any death, birth, marriage, or other event on which the right to receive distributions is based, the TRUSTEE shall incur no liability for any disbursements or distributions made in good faith. This clause shall not prevent the TRUSTEE from seeking restitution of any payments made in error in his discretion.ARTICLE XIVDEFINITIONS- GOVERNING LAWThe words “child”, “children”, “descendants” and “issue” shall include children legally adopted and the lawful descendants of such adoptees.This trust shall be governed by the laws of _________.ARTICLE XVSEVERABILITYIf any provision herein is found by a court of competent jurisdiction to be invalid, the remainder shall govern.Dated: __________________________________________________________________________________STATE OF _________COUNTY OF _________________________, being duly sworn states that they executed this instrument for the purposes stated herein.___________________________________________________Notary PublicMy Commission Expires: ___________________Revocable TrustReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a standard revocable trust document. Feel free to modify it to suit your purposes.1. Make multiple copies. Keep extras for filing with any registry of deeds if required. Keep a copy with the transaction file.
Edmund Burkes idea of representatives as trustees was based on the claim that?
representatives should follow their own judgment of the public interest
While in chapter 13 do the payments have to automatically be withdrawn from your paycheck?
This is usually up to the Trustee and varies based on local rules. However, most Trustees want steady and regular payments, so they usually prefer automatic payments vs. you sending a check. Of course most debtors prefer not to have automatic payments as it means that the employer is told of the debtor employee's bankruptcy filing.
Is redlining permitted if the lender can prove the practice is based on 'business necessity'?
yes
Official use of Internet-based capabilities unrelated to public affairs is?
permitted
How much does the bankruptcy trustee get paid out of settlement?
The amount does vary, but is very regulated by the UST and it is very fair to say that being a trustee is not a very well paying job. The exception of course may be when he is handling a very large case with lots of non-exempt assets to administer. This is the person who administers Chapter 7 cases. His role is to determine whether there are assets to liquidate; to review claims of exemption and the debtor's entitlement to a discharge. He is essentially a representative for the creditors as a group. He is appointed by the United States Trustee, an officer of the Department of Justice, who oversees his performance. He is not himself a government employee. Trustees are frequently lawyers or accountants. The trustee presides at the first meeting of creditors. He can file objections to claims of exemption or oppose the debtor's discharge, but he doesn't decide those questions. The judge decides disputed questions. More on role of bankruptcy judges. Trustees are paid in part from the filing fee paid to the court at the commencement of the case. Any compensation they receive above that is a fee based on the money they handle as part of the estate. If there are no funds in the estate at the end of the day, the trustee gets only his $60 per case. The Chapter 13 trustee is also a private individual appointed by the UST. He serves the same review function as a Chapter 7 trustee (that is, read the schedules and see if the case complies with the Bankruptcy Code and oppose matters that don't comply with the law.) He also serves as the disbursing agent for payments made by the debtor into the plan. Usually,one Chapter 13 trustee serves all the cases in his/her division or district. The trustee gets a small percentage of the funds that flow through the Chapter 13 case. That percentage is fixed by the UST after review of the Chapter 13 trustee's operating expenses. This trustee is a government employee whose job it is to appoint and oversee the Chapter 7 and Chapter 13 trustees. The UST has standing to appear before the court as an interested party. UST is charged with reviewing Chapter 7 cases for abuse or denial of discharge. Since the '05 amendments, they appear to be more active in this oversight role and more aggressive in trying to force cases into Chapter 13. They also take an oversight role in Chapter 11 cases, especially where there is no creditors committee.
