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It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
Wiki User
∙ 9y ago
No, an executor manages a person's estate after they pass away, while a trustee manages assets placed in a trust. If there is no trust established, there is no need to appoint a trustee. However, if a trust is part of the estate plan, a trustee will need to be appointed.
Wiki User
∙ 9y agoIt depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
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Is an executor of a will the same as the trustee?
No, an executor and a trustee are not the same. An executor is responsible for managing the deceased's estate and ensuring the terms of the will are carried out, while a trustee manages assets in a trust for the benefit of the beneficiaries during the trust's duration.
Does a trustee have to follow the will?
Yes.A will must be probated in order for it to be approved by the court and for the court to appoint an executor. If a trust is set up in a will (testamentary trust) then the court must officially appoint the trustee also. The executor and the trustee must follow the provisions in the will, the testamentary trust and the state probate laws under the supervision of the court.Both the executor and the trustee must follow the provisions of the will and the trust set forth in the will exactly. They have no power to change anything. If they fail to act efficiently they should be reported to the court and replaced. They have no other power except that provided by the will and the court.
Is an executor of a will in Queensland a Trustee?
Yes, an executor of a will in Queensland is also considered a trustee. The executor's role includes managing the deceased's estate and distributing assets to the beneficiaries in accordance with the terms of the will, which involves acting in a fiduciary capacity similar to that of a trustee.
What happens in Texas when the executor of the will was incarcerated for a felony?
In Texas, if the executor of a will is incarcerated for a felony, they may be disqualified from serving as executor. It will be up to the court to determine if a new executor should be appointed to handle the estate administration.
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.
Is an executor of a will the same as the trustee?
No, an executor and a trustee are not the same. An executor is responsible for managing the deceased's estate and ensuring the terms of the will are carried out, while a trustee manages assets in a trust for the benefit of the beneficiaries during the trust's duration.
Is it the duty of an executor to carry out all of the requests of the deceased no matter how the executor feels about such requests?
No, they can appoint another trustee, as long as all the promised wishes get carried out specifically as designated.
If the Executor is not following deceased wishes as to the ashes as stated in his will-is this a criminal offense?
The executor should be reported to the court that made the appointment. The executor should be removed for a breach of their fiduciary duty. The court can appoint a successor trustee.
Does a trustee have to follow the will?
Yes.A will must be probated in order for it to be approved by the court and for the court to appoint an executor. If a trust is set up in a will (testamentary trust) then the court must officially appoint the trustee also. The executor and the trustee must follow the provisions in the will, the testamentary trust and the state probate laws under the supervision of the court.Both the executor and the trustee must follow the provisions of the will and the trust set forth in the will exactly. They have no power to change anything. If they fail to act efficiently they should be reported to the court and replaced. They have no other power except that provided by the will and the court.
If you die and leave your estate to your minor child who will receive the money until she is 18?
The court will appoint an administrator/executor/trustee, if no one is named in the will.
Do you have to have a trustee for an estate?
In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee. In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.
Will states that Trustee does not need to be bonded however the Trustee who was the Testator's son is financially irresponsible. Can I as Guardian of the minor children request that Trustee be bonded?
You may certainly make that request of the court. When there are issues like this, the court may even appoint a different executor.
Can an estate executor sign over responsibility to the estate attorney in Tennessee?
The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.
What happens in Missouri when the executor of a will is incarcerated?
The court will not usually appoint someone to be an executor if they are incarcerated. The court can appoint anyone as the executor and will often appoint a bank or lawyer to take care of the estate.
How can an incapacitated independent co-executor of an estate be replaced?
The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.
Can you appoint an executor from another estate in your will?
Yes. You can appoint the same person as your executor in your will even if that person has been appointed by someone else as their executor in their will.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
