0
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up.
Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee.
Randy Hughes
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a trustee use the income from an irrevocable trust?
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
Can a trustee dissolve the charitable trust and keep the profits?
Can a trustee disolvevthe charitable trust and keep any profits
What is the difference between a trustee and a beneficiary?
A beneficiary is a person who will receive a gift from somebodies estate. A Trustee is someone who will look after the asset until the beneficiary can receive the gift. i.e If children can only inherit when they reach the age of 21. The trustees would look after the asset until they reached 21.
Can a trustee and beneficiary of a will buy a house from the estate?
Yes. As long as it is valued correctly and bought at the correct purchase price.
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 trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
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.
Who pay the trustee?
its a trust or a beneficiary.
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.
Does a trustee of a discretionary trust have to reveal the amount of the trust fund to a discretionary beneficiary?
A beneficiary of a trust has the right to an accounting as a way to make certain the trust assets are not being wasted or mishandled by the trustee. A trustee does not have the right to operate in secret. A court can order an accounting.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Can a trustee sue a Beneficiary of a trust?
Yes, a trustee can sue a beneficiary of a trust if there is a breach of trust or if the beneficiary has caused harm to the trust estate. The decision to sue typically requires approval from the trust instrument or court approval in some cases.
How do you transfer trusted land into the beneficiary?
You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Beneficiary rights in pennsylvania bypass trust?
I have a trust ,but the trustee will not allow me to veiw my acctount.
