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What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
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 a not for profit use reserve fund?
Yes, and in some cases that is the only thing they create, as a mechanism for holding and distributing donations to other charitable causes. YES. Trust should have a holder and a beneficiary. In this case, the non-profit corporation is the trustee. The beneficiary may be designated by the corporation.
What are duties of trustee?
The trustee has a fiduciary duty to the beneficiary of a trust. The trustee is the legal owner of the property of a trust. The beneficiary has no legal title to the property in the trust but may get use of the property without ownership. A beneficiary can show a breach of a fiduciary duty if the benefit, profit, or gain was acquiredWhile there was a conflict of interest: this most often occurs when the fiduciary does not serve the beneficiary's best interests.By taking advantage of the fiduciary position: this occurs when a fiduciary profits from his position, which is prohibited in the relationship
Can a future beneficiary borrow against his assets in trust?
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Does a land trust protect the beneficiary from law suits?
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
Can a creditor claim assets held for a beneficiary in trust in case of bankruptcy of the beneficiary?
Not if the trust was properly drafted by a professional.
Can a beneficiary of a trust be bought out and if so does a buy out agreement need to be recorded?
You need to review the provisions of the trust to determine if the trust allows a "beneficiary buy-out".
Who pay the trustee?
its a trust or a beneficiary.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
Does your husband have to be your beneficiary on life insurance?
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
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.
