The will has to be probated via court action. If you feel that the estate is/was not being handled properly you need to contact the Probate Court. If the will has already gone through the probate process then it is now on file as a public document and you can see it, and determine exactly what it provided for.
Each trustee is insured upto $100,000. Each qualified beneficiary (The beneficiaries must be qualified beneficiaries meaning that this beneficiary is your spouse, child, or grandchild.) is insured upto $100,000 per relationship to the trustee. In this scenario, assuming the bennie is qualified, each beneficiary is insured $200,000 because each bennie has a relationship with each trustee. [2(1 Qualified Bennie x 2 Trustees = 2)] = 4. 4x$100,000=$400,000. $400,000 + (2 Trustees x $100,000) = $600,000.00 So, overall for this account, anything over $600,000 in the account will be uninsured.
The person who finalizes the transaction of property to the beneficiary on express trust is typically known as the "trustee." Trustees are legally responsible for managing the trust assets in accordance with the terms of the trust and for distributing the property to the beneficiaries as outlined in the trust document. They have a fiduciary duty to act in the best interests of the beneficiaries and to follow the instructions of the trust.
No. In order to protect the trust property from claims the beneficiary should not be their own trustee. That type of scheme makes the trust vulnerable to creditors and also makes a trust invalid in most jurisdictions.
Yes, beneficiaries of a trust can typically act jointly or severally, depending on the terms of the trust document. Joint action requires consensus among beneficiaries, while several action allows beneficiaries to act independently. It is important to review the trust document to understand the specific rights and responsibilities of each beneficiary.
Yes. Generally, they can be the grantors and the trustees. Trusts should always be drafted by an attorney who specializes in trust law in your jurisdiction so that the trust will meet your personal needs and your questions can be answered by someone who is familiar with your trust.
The only public information about many types of trusts is the names of the trustees, not the beneficiaries. You would need to provide some reason for the trustees to release this type of information to you.
Yes, heirs may receive a copy of the trust if they are named as beneficiaries or if they have a legal right to access the trust documents. It is common practice for trustees to provide beneficiaries with a copy of the trust for transparency and to ensure they understand their rights and interests.
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.
As a beneficiary of a discretionary trust, the solicitors acting as trustees will have the power to make decisions on whether, when, and how to distribute the trust funds to the beneficiaries. Their decisions will be based on the terms outlined in the trust deed, which will detail the criteria for distributions and the beneficiaries' interests. It is advisable to review the trust deed and consult with the trustees or legal counsel to understand how the trust will operate.
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
A beneficiary is a person who will receive a gift from somebodies estate. A Trustee is someone who will look after the asset until the beneficiary can receive the gift. i.e If children can only inherit when they reach the age of 21. The trustees would look after the asset until they reached 21.