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Can a person who has filed bankruptcy serve as trustee of a trust?
Wiki User
∙ 14y ago
Yes. However, they may not be a good choice. Trusteeship is an office that requires a trustworthy, capable person who can manage trust funds to the benefit of the beneficiaries. If a person has mismanaged their own money to the point of bankruptcy they may not be a good choice for a trustee where they will be given complete control over trust funds.
Wiki User
∙ 14y ago
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Can you refuse to be a trustee?
Yes, you can refuse to be a trustee. If you choose to decline the responsibility, you should formally communicate your decision to the relevant parties involved in the trust to ensure they can make alternative arrangements. It is important to consider the legal and financial implications of declining the role before making a decision.
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.
in a corporate baptist church can deacon also serve as a trustee?
Q: In a corporate baptist church can deacon also serve as a trustee?
How long can a trustee serve for?
The length of time a trustee can serve is typically specified in the trust document or by state laws. Many trusts have a provision that allows a trustee to serve for the duration of the trust, which can be for many years or even generations. If there is no specific term stated, a trustee may serve until they are no longer willing or able to fulfill their duties.
Did Grover Cleveland serve as a college president?
No, but he did serve as a trustee at Princeton University.
Decline to Serve as Trustee or Personal Representative?
Decline to Serve as Trustee or Personal Representative(Download)_________________________, who is entitled to act as the trustee or personal representative of the estate of _________________________, by virtue of ______________________, herewith declines to serve as trustee or personal representative.Dated: ____________________________________________________________________Proposed Trustee or Personal RepresentativeDecline to Serve as Trustee or Personal RepresentativeReview ListThis review list is provided to inform you about this document and assist you in its preparation. It is a perilous task to act as a trustee or personal representative in this litigious age. For that reason alone, declining to serve in these positions makes a great deal of senseunless you have a personal commitment to do so. You can modify this document to conform to other offices or positions you elect to decline to serve in.1. Make multiple copies. Send one to each relevant party. Keep one in your personal files.2. Be advised that even declining may cause you to have some legal liability should you be proven to know the “next” in line will cause harm to the parties you were appointed to serve.
Can a senile person be a trustee?
It may not be advisable for a senile person to serve as a trustee because they may lack the mental capacity to effectively manage trust assets and make sound decisions. Trustees have fiduciary duties to act in the best interests of the trust beneficiaries, and a person with diminished mental capacity may not be able to fulfill these responsibilities.
If you have declared bankruptcy can you serve as an army ranger?
Yes
How do you get your chapter 7 bankruptcy case dismissed when you have no attorney clerk was unable to help?
You will need to file a "motion to dismiss." Don't forget to serve your motion on the trustee and us trustee. Unfortunitely, you do not have a "right" to dismiss your case. The court will typically set a hearing to hear your reason for the request. Don't be surprised if your trustee objects to the dismissal if there are assets. (They receive a percentage of the value liquidated). The court may also dismiss your case if you have not complied with all of the filing or fee requirements.
Can you put your real property in the name of a minor as a trustee of a trust?
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
Will set up a trust but trust was not funded can the executor raid the estate to fund fees for himself as trustee?
No, he cannot. The offices of testamentary trustee and exutor are separate and distinct from one another even if the same person is to serve as both. Compensation for a trustee comes out of the funds in the trust for work done by the trustee on behalf of the trust. If the trust is unfunded, there are no assets out of which to pay fees to the trustee. Also, if the trust is unfunded then the trustee has done nothing to earn any trustee fees. Compensation of trustees and executors is governed by state laws, so it is important to check the laws of the state of probate for the details.
Can you change a trustee in a Will?
Yes, you can change a trustee in a will by creating a new will that specifically designates a different individual or organization to serve as trustee. It's important to follow the legal procedures in your jurisdiction to ensure that the changes are valid and legally enforceable.
