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Can the trustee and beneficiary be the same person in case of private trust?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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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 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.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Can the same person be both the beneficiary and the trustee of a revocable trust?
Yes.
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.
Person who holds assets in a trust for beneficiary?
That person is called the trustee. The trustee has the legal authority to handle the trust assets according to the provisions set forth in the trust.
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.
Can beneficiary of trust tell a trustee what to do?
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
How can i get access to a trust fund?
You cannot get access to a trust fund. A trust is managed by a trustee and the trustee is the only person with the authority to access the trust property. The trustee must manage the trust according to the provisions set forth in the trust document. If you are a beneficiary of the trust you should ask the trustee for a copy so that you can review the terms.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
No. The trustee only has the power granted in the document that created the trust. If the trust was drafted properly, there are provisions in the trust document for the removal of the trustee and for appointing a new trustee. If not, then the matter can be brought before a judge and the court can remove a trustee who is violating the terms of the trust.
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.
