No. The trustee only has the power granted in the document that created the trust. If the trust was drafted properly, there are provisions in the trust document for the removal of the trustee and for appointing a new trustee. If not, then the matter can be brought before a judge and the court can remove a trustee who is violating the terms of the trust.
A trustee must follow the terms of the trust as outlined in the legal document. If the trust document allows for discretion regarding disbursements, a trustee may have the authority to refuse to make a disbursement to a beneficiary. However, the trustee must act in good faith and in the best interests of the beneficiaries.
Yes, a living trust can be created for a minor, with a responsible adult appointed as the trustee to manage the assets on behalf of the minor until they reach a certain age specified in the trust. The minor cannot act as the trustee due to their legal status as a minor.
It would depend on the terms of the trust and the laws of the specific jurisdiction. Generally, the trustee has a legal duty to follow the terms of the trust and act in the best interest of the beneficiary. It may be challenging for the trustee to sue the trust to distribute funds to a sibling who was not named as a beneficiary.
The minimum age for a trustee in a living trust is typically 18 years old. However, it is advisable to choose a trustee who is mature, responsible, and capable of managing the trust assets effectively.
A trustee of a living trust has the right to administer the trust as outlined in the trust document and in accordance with the law. If the trustee is being harassed or experiencing interference with their duties, they may have the right to seek legal remedies such as obtaining a restraining order or taking legal action against the harasser.
A trustee in a will can be changed by the person who created the will through an amendment called a codicil. Alternatively, the person can create a new will that specifies the new trustee. It is important to follow legal requirements to ensure the change is valid.
If the person is deceased, you can contact the trustee if you know who the trustee is.
by putting u in debt
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
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.
No, not without that persons consent. Not to mention that person would have to qualify.
If I am the beneficiary of a revocable living trust which is specific and only has one house in it can I assign my beneficiary rights to some one else? Also can I draw a note between myself and the person whom I am assigning the note to for the sales price and record a trust deed against the note. I live in Utah. I other words I am selling or assigning the trust which owns the house. The trustee will remain the same, only the beneficiary will change.
Yes, a living trust can be created for a minor, with a responsible adult appointed as the trustee to manage the assets on behalf of the minor until they reach a certain age specified in the trust. The minor cannot act as the trustee due to their legal status as a minor.
No.
A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.
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.
Probably not. The trustee and the Trust are entirely different things.
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.