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Can a trustee with the knowledge of the trustor move money to other non trust accounts?
Yes, if that power is granted in the Declaration of Trust.
The powers, duties, responsibilities and obligations of the trustee are set forth in the document that created the trust. That document is generally called a Declaration of Trust and is the trustee's only source of power. That is the reason why trusts should always be drafted by an attorney who specializes in trust law. The attorney must spend time with the grantor to determine the grantor's needs and how to address those needs through a trust. The attorney then drafts a trust document that sets forth the purpose of the trust, names a trustee, clearly lists every power the trustee will have to deal with the trust property and controls how the income and assets will be distributed.
A well drafted trust document addresses in advance every situation that can or will be encountered by the trustee and dictates how every situation will be handled. It provides for the appointment of a new trustee if the original trustee is unable to carry out their duties. It provides the manner by which the trust can be terminated and how the remaining trust property will be distributed. If a situation arises that isn't addressed in the provisions of the trust, the matter must be brought before a court and a judge must issue an order to address the matter. For example, if the trustee dies and there is no provision for the appointment of a successor trustee, the court must appoint one.
Therefore, whenever there is a question about what a trustee can and cannot do you must look to the Declaration of Trust to determine if the action is addressed.
What else can I help you with?
What is the difference between a Trustee and a Trustor of property?
to get a basic concept between the difference of these two, there are basically three basic individuals involved in a trust. The trustor, the Trustee, and the beneficiary. The easiest way to understand this is by illustration. Trustor-------------------->Trustee----------------------->Beneficiary gives $ or property manages $ or property receives $ or use of property As an example, Anne (trustor or donor) wants to give $100,000 to her daughter Marie (the beneficiary), but does not want her to have access all of the money at once. Therefore, she gives the money to Hillary (the trustee) and tells her to only pay her daughter Marie 10,000 per year, over the next ten years. Now there would of course be other variables within this example such as management fees the trustor would charge, as well as accrued interest since the money would be held in a trust fund, but I'm trying to give a simple answer to a simple question.
Does a trustee have the authority to distribute funds to beneficiaries in a controlled manner such as for education and medical if beneficiary is under age?
Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.
Should a Trustee for a family trust be paid?
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
Can you transfer money from one 401k to another?
Yes, you can transfer money from one 401(k) account to another through a process called a direct rollover or trustee-to-trustee transfer. This allows you to move funds between accounts without incurring taxes or penalties.
How do you merge IRA accounts in different banks into one?
Once you know which bank you want to keep all of your IRA's in, then simply take your latest statement from the other banks to that bank, and they will do a trustee to trustee transfer. The money will go from account to account and will never touch your hands. You should consider something more than just CD's or Money market accounts for your IRA's.
Where can I go to get the word out for everyone rich to put their money in trusts and name themselves trustee to avoid federal taxes?
You shouldn't give out that advice at all. A trust must be drafted by an expert in trust law, state and federal tax law and estate planning. A trust where the trustor names themselves a trustee would fail as a valid trust for tax purposes. Please do not spread that advice.
Lawsattorney is responsible for report of trust money?
If he is also the TRUSTEE. It is the trustee who is responsible.
If you are not paying your creditors will you lose the money in your bank accounts in the bankruptcy?
Yes, once the bankruptcy is filed checking and savings accounts become part of the debtor's assets and the accounts will be "frozen" until the trustee determines the amount of funds that are not exempt under BK law and can be seized to pay creditors.
How can I transfer money from one 401k account to another?
To transfer money from one 401k account to another, you can initiate a direct rollover or trustee-to-trustee transfer. Contact the financial institutions managing your 401k accounts to request the necessary forms and instructions for the transfer. Be sure to follow the specific guidelines and deadlines to avoid penalties or taxes.
How do you get money out of your trust when trustee refuses?
in estates
What happens to savings and CD accounts during bankruptcy that have your name on them if they belong to another person and you actually have not inherited them yet?
If your name is on any account or CD, it is an asset of your bankruptcy estate. If the money cannot be exempted, then it can be siezed by the Trustee. However, if these are funds that are held in a Trust or become yours only upon the death of the holder of the funds, then they may not be reachable by a Trustee. If the person dies within 6 months of your bankruptcy filing date, then the money will have to go to the Trustee.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
