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Trusts are managed according to the provisions set forth in the instrument that created the trust. You must review the terms of the particular trust to determine if one trustee can exercise all the trustee powers set forth in the trust instrument.
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Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
Can a current trustee bind a successor trustee?
It would be possible depending on the details. For example, the current trustee could execute a valid lease on behalf of the trust. If a successor trustee was appointed, the trust would still be subject to the terms of that lease so the successor trustee would be obliged to honor it.
Can you use proceeds from the sale of a house in an irrevocable trust to purchase a new home?
You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name 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 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.
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 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.
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.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
Can you sell land out of a revocable trust?
Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.
