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Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Explain Interim distribution of estate funds?
interim distribution
Can a prisoner act as a trustee of an estate?
In some cases, a prisoner may be able to act as a trustee of an estate, but certain restrictions and limitations may apply depending on the laws of the jurisdiction and the terms of the trust. It would be advisable to seek legal advice to determine the specific requirements and implications in the given situation.
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.
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
After probate has been granted do you have to wait for the property to be sold before you can distribute any money from the deceased bank account to beneficiaries?
In the UK: No. If you are confident no claims will be made against the estate and or you have waited the statutory period before distribution then you can make an interim distribution. It is wise to hold some funds back however in case the house does not sell for a long period of time and estate funds are needed for repairs
Can estate be settled if property hasn't sold?
It is possible to settle an estate without selling property. As long as the distribution is approved by the court, the property can be transferred to the beneficiaries.
Can the trustee of the estate patition the courts to forgive debt that was owed to the estate?
That would be a part of the distribution plan. If there are assets in the estate, they will not be forgiven. And the heirs don't get anything if there are debts still owed.
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
What document controls the distribution of an estate the Will or Living Trust Are the beneficiaries of a Will entitled to a full or half share of an estate with an AB Trust?
In: http://wiki.answers.com/Q/FAQ/2152-83 [Edit categories]
If you are the beneficiary of compensation do you have to pay off the deceased debts?
The estate of the decedent is responsible for any debts owed by the decedent. Those debts must be paid BEFORE any distribution is made to the beneficiaries. The debts were incurred while the decedent was alive. The funeral expenses, by law, must be paid before any distribution can be made to the beneficiaries. It is the responsibility of the estate fiduciary to settle the estate by paying the debts of the decedents. The beneficiaries receive any assets that remain after those debts have been paid. See related question link.
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.
