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Can there be a trustee and beneficiary to an irrevocable trust?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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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.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
How does being a trustee on a parent's irrevocable trust affect Chapter 7?
It should have any impact unless you are a beneficiary of the trust.
Can a beneficiary be added to an irrevocable trust?
No. In order to protect the trust property from claims the beneficiary should not be their own trustee. That type of scheme makes the trust vulnerable to creditors and also makes a trust invalid in most jurisdictions.
Can the beneficiary of an irrevocable trust open a bank account with trust's EIN?
Absolutely....All one needs is to be the trustee of the irrevocable trust, have a Tax Identification number for the trust, and all documents for the estate, investments, shares, and accounts you are planning to transfer into the Trust account.
Can a trustee use the income from an irrevocable trust?
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
Can the trustee and beneficiary be the same person in case of private trust?
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.
If I am named the beneficiary of an irrevocable trust do I have any control over any of the assets in the trust?
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
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 a Registered Representative be a trustee of a irrevocable trust?
yes
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.
