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Yes. A trust is set up for the purpose of enabling the legal title of the trust property to be held by the trustees. The trustees have the legal power to deal with the trust property according to the provisions set forth in the trust document only.
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Can co-executors of an estate whose assets are Under Trust by mutual agreement break the trust and distribute the assets prior to either of them dying?
The trustees must follow the provisions of the trust. If the trust doesn't provide that option or an option for the trustees to act at their discretion then the trustees must petition the court to modify the trust. They should be prepared to explain to the court why the trust should be modified. The judge will review the matter and issue a decision.
Can two people be the trustor of a trust?
No, typically there is only one trustor or settlor who creates the trust. Multiple individuals can be beneficiaries or trustees of a trust, but only one person establishes the trust and transfers assets into it.
What is an offshore trust?
The concept of a trust is an arrangement whereby property is transferred from one person (the Settlor) to another person (the Trustee) who holds the property for the benefit of specific people (the Beneficiaries). A Trust Deed sets out the terms and conditions under which the Trustees hold the trust assets. It also outlines the rights of the Beneficiaries. A trust is not dissimilar to a will except that assets are transferred to trustees during lifetime rather than assets being transferred to executors on death. The Trust Deed is comparable to the will. Those unfamiliar with the trust concept may be concerned about transferring ownership of their property to a Trustee. This concern can be alleviated if the distinction between legal and beneficial ownership is properly understood and the trust is governed by sound law enforced in a reputable jurisdiction. See http://www.sovereigngroup.com/our-services/trust-services/introduction.htm for more details.
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.
What rights does a co trustee have?
A co-trustee has the right to participate in decision-making, access trust information, and manage trust assets. Co-trustees typically have equal rights and responsibilities, as outlined in the trust document or by state law. Collaboration and cooperation among co-trustees are crucial for effectively carrying out their duties.
Can trustees not follow a trust's terms?
Trustees have a legal obligation to follow the terms of a trust as set out by the trust document and applicable laws. Failing to adhere to the trust's terms can result in legal consequences or removal from the position of trustee. It is important for trustees to act in the best interest of the beneficiaries and manage the trust responsibly.
How does a beneficiary in a irrevocable trust remove a trustee from property?
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
What is needed to prepare a living trust?
To prepare a living trust, you will need to gather information on your assets and decide who will be the beneficiaries and trustees. You will also need to draft a trust document that outlines the terms and conditions of the trust. Finally, the trust document must be signed and notarized to make it legally binding.
What happens to a trustee that abuses a trust?
Trustees who abuse a trust may face legal action, removal from their position as trustee, and potentially be required to repay any misused funds. The beneficiaries of the trust can take legal action to hold the trustee accountable for their actions.
After the original settler of the trust appointed two trustees then died can the two trustees appoint a third trustee?
Typically, the power to appoint a trustee would have been granted by the settlor in the trust instrument. If the trust instrument allows for the remaining trustees to appoint a third trustee, then they would be able to do so. It is important to review the specific terms of the trust document to determine the trustees' authority in this situation.
Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
It depends on the terms of the trust document. Some trusts allow surviving trustors to change co-trustees, while others may restrict this ability or require certain procedures to be followed. It is best to consult with an attorney to review the specific language of the trust and determine the surviving trustor's rights in this situation.
Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
There can be two trustees, depends on the wording of the trust.
