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Can living trust be created for a minor and can they be the trustee?
Wiki User
∙ 14y ago
A living trust for the benefit of a minor can be created but the minor cannot be the trustee. (One problem is that a minor cannot sign any legal documents.) The most common mistake made by non-professionals is not creating a proper distance between the trust property and the grantor, and the trust property and the beneficiary. If the proper legal distance isn't maintained the trust property will be exposed to creditors and other claims and the very purpose of the trust will be defeated. The trustee and the beneficiary should not be the same person. Trust errors can be very costly to correct. Trust law is extremely complex and a trust should always be drafted by a professional.
Wiki User
∙ 14y ago
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.
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Can a trustee refuse to give disbursements to a beneficiary under a living person's 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.
Minimum age of trustee in a living trust?
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.
What rights does a trustee have in a living trust against harassment?
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.
How can a trustee in a will be changed?
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.
Who has a copy of a revocable living trust?
The grantor (the person who created the trust) typically retains a copy of a revocable living trust, as well as the trustee (the person managing the trust). It's also common for a lawyer or financial institution involved in creating the trust to have a copy. It is important to keep the trust document in a safe place and ensure that trusted individuals know its location.
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.
Can a trustee refuse to give disbursements to a beneficiary under a living person's 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.
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 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.
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
How do you become a trustee for a special needs trust?
You would have to be designated as the trustee when the trust is created.
Does a living trust require an attorney as trustee?
No.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
Is there such a thing as a trustee in a dead persons will?
Some wills do set up a trust. If it does so, it will create a trustee, usually for minor children.
How do you create a trust. Is it created when money or title is delivered to trustee?
A trust is created for a beneficiary or organization. The funds for such are already deposited into a special account before the trust is created. Funds cannot be drawn out of that account except in accordance with the trust rules or by its originator, and then only under certain conditions.So, no, the trust is not just created when the funds or title is delivered to the trustee - it has to be set up long before that occurs.AnswerA trust is created by a Declaration of Trust that sets forth the provisions of the trust. A trustee is named in the trust document and amendments and trustee resignation/appointments must be executed in writing and filed with the original trust document. The trustee is the entity that has the power to manage the trust property on behalf of the trust. The trustee holds legal title to the trust property. Bank accounts and investment accounts can be titled in the name of the trust and the entity that holds the account will require proof of both the trust and the identity of the trustee. If the trust is to hold real property, it must be transferred to the trustee, i.e., to John Kennedy as trustee of the Boston Realty Trust as set forth in a Declaration of Trust dated January 1, 2010.
