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In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee.
In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoNo. You need only have an executor named, unless you are creating trusts by use of the will. If you are creating trusts, then you have to name a trustee to handle the trusts. Note that the failure to name an executor does not invalidate the will. The court will still probate the will but will appoint someone to handle the estate. That someone is usually chosen from among the residuary legatees. Likewise, if trusts are created but no trustee is named, the trusts will not be invalid. Again, the court will appoint someone to handle the trusts. That someone will not automatically be from among the residuary legatees though. The court will determine and appoint a person who in its judgment, it feels will be the one who can best carry out the terms of the trust.
Wiki User
∙ 14y agoNo. You don't have to name an executor in your will. If you don't, a family member can request the appointment after your death. The court will appoint whoever petitions for that position unless there are objections.
Wiki User
∙ 8y agoThe executor is responsible for the estate. The same person can also be the trustee for a trust set up under the will.
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What checks can be deposited into an estate bank account?
Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
Can you sell a real estate property titled in trustee after owner dies?
Can you sell a real estate property titled in trustee after mother and father dies
Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
Is an executor of a will in Queensland a Trustee?
An executor of a will is the same thing as a trustee. They are responsible for the estate and making sure that plans are carried out.
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.
Does the trustee owe the trust money because the real estate market took a plunge?
Generally, no. The decrease was not the result of the actions of the trustee.
What is the appropriate amount for a trustee's fee and what can you do when you suspect the trustee is misusing the trust funds?
It depends, but could be 1% of total estate and you can petition the courts to have the trustee removed if you suspect misusing of funds.
Who puts money into an estate account?
Whoever is the trustee(s) of the trust for the estate is responsible for the account, including putting money in it.
Can a prisoner act as a trustee of an estate?
Generally speaking, no. A trustee has to have access to financial records, meet with beneficiaries, and conduct all the other duties a trustee is required to do. That is simply not available to someone who is incarcerated.
You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?
No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.
In an intestate estate in Ontario will the bank release funds without a Certificate of Appointment of estate trustee?
Generally, a bank will release the funds of the decedent when a duly appointed Administrator with Letters of Administration visits the bank to close the account. Letters of Administration are now called a Certificate of Appointment of Estate Trustee
