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Trust law is an extremely complicated area of law. You need to consult with an expert in trust law and tax law if you wish to transfer your property to a trust. Generally, a trust is a legal relationship by which one person (the trustee) holds the legal title to property for the benefit of another person (the beneficiary). The object of a trust is to remove that property from your own estate. The reasons why you want to remove property from your own estate include protecting your assets from creditors, avoiding probate, disinheriting a family member, lowering your tax obligations, improving eligibility for government entitlements, etc. If you retain complete control over the trust property by being the trustor, trustee and the beneficiary then you haven't removed the property from your estate and no trust relationship has been established. It is not a good idea to be your own trustee. You may leave your property exposed to creditors and taxes, and further, the trust may fail altogether. Trust errors made by non-professionals (and some inexperienced professionals) can be very costly down the road.
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∙ 15y ago
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Can a second cousin be a trustee?
Certainly, any reliable person can be named a trustee.
How does a trustee know what they can sell in a chapter 7 and does a person have a trustee if they have a lawyer?
Both the laws and the bankruptcy filing, and the info the court finds (like that provided from creditors...who will ask the trustee about things you claimed to own on your crdit application), and from credit reports and tax returns, all types of things provide information for the trustee to act on. The trustee exists with or without a lawyer. In fact, your lawyer may be an advisory to the trustee on many things.
When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
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.
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.
What does it mean when it says after the owners name on a deed trustee?
That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
How long does a person remain a trustee for a beneficiary?
The duration of a person's role as a trustee for a beneficiary can vary. It can be outlined in a trust document or decided by the terms of the trust. In some cases, a trustee may serve until the trust is terminated or until a successor trustee takes over.
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.
Legislators who act according to their own judgment?
Trustee
Delegate vs trustee?
A delegate is a person who represents a whole party. A trustee is a person who is given legal ownership of something for someone else benefit.
