Difference between a trustee and a personal representative?
In common law jurisdictions a personal representative is a generic term for the executor or administrator of an estate. A personal representative can also be a person chosen to manage the day-to-day affairs for some other individual under the authority of a Power of Attorney .
A trustee is the person appointed by a trust document to manage the property held by the trust.
fiduciary and trustee
royal-run by governor trustee-run by trustee
Custodian has passive control vs. a trustee who can invest, funds etc.
With the trustee model, there is a chance that the representative will act for the benefit of his or her own interests as opposed to the interests of his or her constituents. With the delegate model, there is a chance that the representative will not make the best decision for his constituency as a whole and ignore the minority as well.
A Royal Colony is when they are under the king control. A Trustee Colony is when they are just workers for the king.
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
In Congress, there are two different ways elected legislators can act. One way is to act as a trustee. This means that the legislators vote and act according to their own personal beliefs and what they feel is best for society. This way is very personal, assuming that the voters trust the elected legislator to make the right decisions. The other way is to be an instructed delegate. Unlike the trustee, an instructed delegate is… Read More
A trustee is the one who is not going to consult public opinion polls or go along with what polls say. A delegate feels that they constituents are the boss and should be obeyed.
Would an executor's fee calculation include monies from a revocable trust that has a trustee other than the estate's personal representative?
Generally no because property placed in a revocable trust is not part of a person's estate.
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court… Read More
A trustee is the person who takes care of all the properties of the trust for the benefit of the beneficiaries. An agent on a trust is a third party that takes care of the trust on behalf of the beneficiaries.
acting on conscience or representing the broad interests of the entire society
The trustee has no personal interest in the property. The trustee holds interest as a trustee only and must manage the property according to the terms of the trust and only according to the terms of the trust.
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.
This could be ground for an action for removal of the executor. A personal representative, whether an executor of a will or a trustee of an estate, may be removed for failing to meet the responsibilities of the position. Any interested person can petition to remove an executor. An interested person is usually any present or future beneficiary or creditor who has a stake in the estate. The petition for removal may be combined with… Read More
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
On a government document it means the name that appears is not yours, but is that of a trust that you have agreed to be the trustee or representative for.
==One Answer== A trustee to trustee transfer is the legal method used to transfer an IRA or SEP (retirement accounts) account to another entity. For example, if you have an IRA certificate of deposit mature at one bank and wish to transfer it to another bank with a higher interest rate you are not allowed to cash out the CD and transfer it yourself. You need to fill out forms at the new bank and… Read More
Title to real or personal property can be transferred to a trust through its trustee. When transferred to the trustee of the trust it becomes the trust property. The trustee named in the trust instrument then has the sole and absolute authority to manage the property but only according to the provisions of the trust FOR THE BENEFIT OF of the beneficiary. The person who transferred the real estate or personal property (money, stocks, etc.)… Read More
You get to keep any property that you can exempt, which may depend on state laws. Some states let you choose between the federal exemptions or the state exemptions. Any property worth more than the exemption has to be redeemed (the trustee is paid the difference between the value of the property and the exemption) or given to the trustee. (Technically, the trustee owns everything in a chapter 7 until the 341 meeting or the… Read More
A beneficiary is a person who will receive a gift from somebodies estate. A Trustee is someone who will look after the asset until the beneficiary can receive the gift. i.e If children can only inherit when they reach the age of 21. The trustees would look after the asset until they reached 21.
A fiduciary is a person who has the legal authority and responsibility to act for another. Fiduciaries are in a special position of trust and governed by laws that define their authority and provide penalties when they misbehave. Examples of fiduciaries would include trustee, executor, conservator, guardian, attorney in fact, agent, personal representative, etc. A deed from any person acting as a fiduciary is a fiduciary deed. A fiduciary is a person who has the… Read More
If one sibling filed chapter 7 and there is property that is left by your deceased parents but no succession has been filed by your siblings can a trustee sell the property to pay creditors?
Only that property that is determined to be owned by the sibling. If property is owned jointly between the sibling and the remaining family, the remaining family may be forced to get a loan to pay the appraised value of the siblings share. As this Q is frequently referred to by those asking about a trustee that is a sibling.....a trustee is NOT the owner of any of the proerty he is trustee for...in fact… Read More
The term 'trustee' may be representative of the leadership required for the association. The association represents all owners who own real estate in common. Often associations are multi-million dollar ventures and require leadership.
How does the issue of delegate vs trustee representative factor into questions of gender and ethnic background?
a trustee votes with his beliefs a delegate votes for who he represents a partisan votes with his party and a politico mixes all 3 together like a bigass soup pot.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
you have to get it approved through the trustee
votes according to his or her conscience, even if doing so means going against the whished of the majority back home.
The trustee must act according to the provisions set forth in the trust. They cannot make personal use of the trust funds unless they were given that power in the document that created the trust. You need to review the trust document. Any trustee who makes unauthorized personal use of trust funds should be reported to the court and replaced. That kind of behavior is against the law. The trustee must act according to the… Read More
No. You cannot "sue" an account. You need to sue the trustee of the account. A trustee is the human representative of a trust who can act for the trust and accept service for the trust. It can be a complicated process and you may want to consult with an attorney who can review your situation and explain your options.
votes according to he or she conscience, even if doing so means going against the wishes of the majority back home
In a chapter 7, the debtor's estate consists of all property owned by the debtor which has not been exempted or is subject to a lien and has little or no equity. The trustee takes and sells the non-exempt assets that are not subject to a lien. If the debtor cannot pay the trustee the value of equity, the trustee may force the sale of the encumbered asset or the debtor will have to convert… Read More
As trustee that is their responsibility. As trustee that is their responsibility. As trustee that is their responsibility. As trustee that is their responsibility.
What kind of "trustee?" "Trustee" for WHAT?
Usually, they are assistants to the ministry itself, whether its conducting the church's official business, maintenance and upkeep. Just as any other denominational trustee is, the only difference in COGIC is the doctrine and ordinances.
A trustee who uses trust or estate funds for their personal use should be replaced. That is a violation of their fiduciary duty. They may not replace the funds the next time. You should petition the court to have them removed and replaced with a more trustworthy trustee or with co-trustees who could monitor each other.
When elected representatives make decisions based on their personal opinions and experiences rather than on the basis of the views of their constituents.
'Trust' implies whereby one person holds the personal or proprietary rights on behalf of another. 'Bailment' is only the transfer of possession of a personal property to another for a limited purpose (http://www.legalgist.com/meant-bailment). In Trust you transfer the rights of an owner (limited or extensive they may be) to the Trustee for the benefit of the Beneficiary. Whereas in Bailment you only transfer the 'possession' of the property for some purpose e.g. to keep it… Read More
Is a trustee responsible for payment maintenance fees on a vacation timeshare before it can be sold?
All the fees have to be covered before a timeshare can be sold. Or they can be taken out from the sale proceeds. But if your asking is it a trustees personal obligation, NO. It's one of many things the trustee must do for the trust. As a trustee you must maintain and keep up all obligations of the trust and it's assets, not letting them deteriorate by neglect, etc. . Just like you'd make… Read More
to get a basic concept between the difference of these two, there are basically three basic individuals involved in a trust. The trustor, the Trustee, and the beneficiary. The easiest way to understand this is by illustration. Trustor-------------------->Trustee----------------------->Beneficiary gives $ or property manages $ or property receives $ or use of property As an example, Anne (trustor or donor) wants to give $100,000 to her daughter Marie (the beneficiary), but does not want her to… Read More
What should i do about a living trust that both the original trustee and the alternate trustee have declined to manage due to hostility between siblings?
A successor trustee must be appointed and the present trustees must be removed. There should be provisions in the trust document that direct how trustees will be appointed and removed. Hopefully, the trustor can appoint a new trustee who is a non-interested party.
Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.
If your bankruptcy was "discharged" in 2000, then yes. Discharged means it is done! If you are still in a chapter 13 bankruptcy, still paying the trustee--then no. If the trustee finds out about the CD, it will cause lot of problems.
No, a trustee does not have beneficial rights to the corpus of a trust. The trust ownership is split between legal and beneficial.
No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers. No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers. No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally… Read More
What are the similarities and differences between a company limited by guarantee and incorporated trustee?
what is an incorporated trustees
When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.
You have file personal chapter 7 bankruptcy in Dec 09 and due to receive a settlement check for a diminished value automobile claim from March of 2007. Does the Trustee get to keep the proceeds?
Unless you claimed the proceeds as exempt when you filed, the trustee gets the money.
The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee.
Can a trustee in a chapter 7 bankruptcy filed prior to 2005 force a settlement of a personal injury lawsuit?
The bankrutpcy court can take jurisdiction of almost any case, and the trustee can decide if the settlement is fair. If it is for the benefit of the BK estate, the lawsuit is part of the assets he controls.