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You need to review the terms of the trust to determine how it can be dissolved.
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Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
How can i get access to a trust fund?
You cannot get access to a trust fund. A trust is managed by a trustee and the trustee is the only person with the authority to access the trust property. The trustee must manage the trust according to the provisions set forth in the trust document. If you are a beneficiary of the trust you should ask the trustee for a copy so that you can review the terms.
If trustee of trust is not despensing trust fund what do you do?
sue
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
Can a trustee dissolve the charitable trust and keep the profits?
Can a trustee disolvevthe charitable trust and keep any profits
How can you remove a Trust Fund trustee?
my brother is the is in charge of my parents irrevocable will of trust can he remove me
Can the trustee of a q tip trust dissolve the trust before the demise of the lifetime beneficiary without the consent of the residual beneficiaries in the state of New Jersey?
A trustee has only the powers that are provided in a trust instrument. Since a Q Tip Trust is created in a will by a testator who desires to preserve the trust property for his children, it is doubtful a testator would grant the power to dissolve the trust to the trustee. Therefore, if the will did not specifically grant that power to the trustee the answer to your question is no.
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
How do you remove a trust from a deed?
The trust document should have a provision by which the trustee can transfer the property. You must follow the provisions in the trust for transfer by the trustee. Generally, in order to remove real property from a trust the trustee must execute a deed that conveys the property to a new owner.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
A trustee must follow the terms of the trust as outlined in the legal document. If the trust document allows for discretion regarding disbursements, a trustee may have the authority to refuse to make a disbursement to a beneficiary. However, the trustee must act in good faith and in the best interests of the beneficiaries.
Do all the heirs of a trust have to sign to remove an executor of a trust?
Trusts are managed by TRUSTEES not executors. You need to look to the language of the trust to see how a trustee can be removed. If there is no provision in the trust you will need to petition the court to remove the trustee and appoint a replacement.
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
What do you do if a sibling is trustee of a living trust and you feel he may be using funds from the trust for his own use in California?
If possible you should discuss the situation with the trustor and ask to have the trustee removed. If that's not possible you could start by asking for an accounting by the trustee. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. Court's do not look favorably on self-dealing by a trustee and can remove the trustee if it finds the trustee is violating the trust. As a fiduciary the trustee is bound to do nothing that compromises anyone's rights under the trust. As a fiduciary the trustee has the obligation to grow the assets of the trust rather than waste them. If the trustee is making unsecured, no-interest loans to himself he is not making prudent decisions on behalf of the trust.
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
Can a trustee of a will be legally removed if misappropriating funds?
Yes. They can and should be removed as soon as possible. Review the trust first to determine if there is power in the beneficiaries to remove the trustee and appoint a successor. If there is no such provision in the trust then an action can be brought in a court of equity asking that the trustee be removed and another trustee appointed.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
