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Can one or two people beboth beneficiary and trustee in a revocable trust?
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What kind of terms generally apply in a revocable trust?
When it comes to a revocable trust, the trust is usually used for immediate family, or people who are listed on the trust. There is no trustee so it is pretty much a cheaper option since it is straight forward process.
Can a trustee of an estate be challenged by a benificiary?
Yes trustee of an estate can be challenged by a beneficiary. When acting as the trustee you have to deal with not only people but also money you may worry more about the money part but really you have to worry about the people because it can be more challenging. Been a trustee can be easier if you have cordial dealings with truthful beneficiaries.
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.
Trust Declaration, Stocks?
Trust Declaration, Stocks(Download)This Trust Declaration made as of ____________ (Date), by and between ___________ ("Trustee") and ________________________ ("Beneficiary").Whereas the Trustee is the registered owner of ___________ shares ("Shares") of the corporation ("Corporation"); and the Shares are to be held by the Trustee as trustee and nominee for the Beneficiary;Therefore this Declaration of Trust witnesses as follows:I. The Trustee hereby declares that he or she holds the Shares and all dividends and interest accrued or to be accrued upon the same upon trust for the Beneficiary and agrees to transfer the Shares as directed by the Beneficiary or otherwise deal with the Shares and the dividends and interest payable in respect of the same in such manner as the Beneficiary shall from time to time direct.2. The Trustee covenants and agrees that he or she shall at all times, exercise all voting rights in connection with the Shares and otherwise deal with the Shares as nominee for the Beneficiary only and in accordance with the instructions of the Beneficiary.3. The Trustee shall enter into, execute and deliver as nominee for the Beneficiary only, all such documents, instruments and other agreements as may from time to time be requested by the Beneficiary in connection with the Shares.4. The Trustee shall, at the request and expense of the Beneficiary, account to the Beneficiary for all sums received with respect to the Shares.5. The Trustee shall promptly transmit to the Beneficiary all notices, claims, demands or other communications which the Trustee receives relating to the Shares, including notices of shareholder meetings.6. The Beneficiary hereby releases the Trustee from any and all liability that the Trustee may incur in respect of any action taken by the Trustee either pursuant to the authorization or direction of the Beneficiary or pursuant to the terms of this Declaration of Trust. The Beneficiary shall indemnify and hold the Trustee harmless from all liabilities of any kind and character that may arise out of any act or omission by the Trustee pursuant to the terms of this Declaration of Trust.7. This Declaration of Trust shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors and assigns.8. Notices.Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.If to the Trustee: _____________________________________________________.If to the Beneficiary: ___________________________________________________.9. No Waiver.The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.10. Entirety of Agreement.The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.11. Governing Law.This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.12. Headings in this AgreementThe headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.13. Severability.If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.In Witness whereof, the parties have executed this Agreement as of the date first written above._________________________ _______________________Trustee Beneficiary_________________________ _______________________Witness One Witness Two, Preferably aNotary_________________________Witness Three_________________DateTrust Declaration, StocksReview ListThe review list is provided to inform you about the document in question and assist you in its preparation. Trust Declarations give you protection from the attachment of assets held personally in your name. They are useful both for this legal purpose and the financial one that it makes it all the tougher for an opposing attorney to pierce the trust veil, so to speak, if that is possible. Therefore, an opposing attorney is more apt to stop pursuit of you if your assets are held in trust and therefore harder, if not impossible, to attach with a judgment. Hence comes the term “Judgment Proof.” Sweet music to the ears of those of us who are not lawyers.You should also obtain a resignation of trustee document, provided in the trust area as well, and have it signed should you have a falling out with your trustee at a later date. An ounce of prevention here can save the proverbial pound of cure. More than a few people, including myself, have been saved by this cautionary move. As the famous Mr. Dooley once said, “Trust everyone, but cut the cards.” Amen.1. Make sure you have two witnesses and a third to be absolutely safe in the trust area. You should have the agreement notarized, to be on the safe side.2. Make multiple copies and keep one with the specific transaction, another in your general financial agreements, and a third in your safe.
Who collects the life insurance if the policy holder and beneficiary have died?
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
Can a township trustee have a criminal record?
Yes, a township trustee can have a criminal record as this is usually an elected position. If people vote them in, then they can hold the position.
Can you name your friend as a beneficiary?
A person can name anyone they choose to be a beneficiary. This can include a friend, child, spouse, parent or other relative. Some people even name organizations or charities as a beneficiary.
What if a spouse dies and you may be a beneficiary to their 401k but you divorced 10 years ago are you still eligble?
IF you are still the beneficiary on file for your ex-spouse then you are legally entitled to that money. If there was an updated beneficiary that lists other people as the beneficiary then you are not. On caveat is if you are listed as the beneficiary and the ex-spouse has a will in place that leaves the account to someone else, then you are not entitled.
What does it mean to vote as a trustee?
Voting as a trustee means making decisions based on what is in the best interest of the people or organization you represent, rather than personal opinions or interests. Trustees are expected to act responsibly and with integrity when casting their vote on behalf of others.
What if your name is on the life insurance policy As a tier TWO?
Tier Two [in Beneficiary Designation] refers to secondary beneficiary which also refers to the person, persons, or class of people who will collect the life insurance proceeds in the event of the death of the insured _and_ the primary beneficiary is not alive.
Difference between trust company and sole trustee?
A trust company is a company that acts as a trustee for people and other entities and that sometimes acts as a commercial bank. A sole trustee is the person or other entity appointed to manage a particular trust according to the provisions set forth in the trust document.
What is a trustee role in us congress?
people who act according to their concience and the broad intrest of society
