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Does the trust end or must a new trustee be appointed if there are two trustees one of them also being the beneficiary and the other one dies?
Jon503
You need to review the terms of the trust to determine how a new trustee must/can be appointed. A beneficiary/trustee invalidates a trust in many jurisdictions and may make the trust property vulnerable to creditors. You should contact the attorney who drafted the trust.
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∙ 13y ago
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Does a trustee of a discretionary trust have to reveal the amount of the trust fund to a discretionary beneficiary?
A beneficiary of a trust has the right to an accounting as a way to make certain the trust assets are not being wasted or mishandled by the trustee. A trustee does not have the right to operate in secret. A court can order an accounting.
Can someone sue a trust?
Yes. If the beneficiary has any reason the believe the trustee is mishandling the trust estate, they should commence an action immediately by requesting a full accounting. If you suspect the trustee is being dishonest or violating the trust in any way you should consult an attorney who can review the situation and explain your options.
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.
What has the author T L Higginson written?
T. L. Higginson has written: 'On being a trustee' -- subject(s): Popular works, Trusts and trustees
What does it mean to be trustee of a will?
Being a trustee of a will means that you are responsible for managing and distributing the assets of the estate according to the terms outlined in the will. Trustees have a legal obligation to act in the best interests of the beneficiaries and must follow the instructions outlined in the will faithfully.
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
What are New York state trustee fees?
Under the NY EPTL, trustees are entitled a fee for the execution of their duties with regards to a will. The exact fee amount is divided into tiers, depending on the value of the estate being managed.
Declaration of Nominee Trust?
Declaration of Nominee Trust(Download)_______________, referred to as SETTLOR, hereby declares that any and all property and interest in property that may be transferred to him as Trustee hereunder (“the Trust Estate”) shall be held in trust, for the sole benefit of, ________________, the beneficiaries of this Trust. The term “Trustee” wherever used herein shall mean the Trustee or Trustees named herein and such person or persons who hereafter are serving as Trustee or Trustees hereunder, and the rights, powers, authority and privileges granted hereunder to the Trustee shall be exercised by such person or persons subject to the provisions hereof.A. BENEFICIARIES. The term “Beneficiaries” wherever used herein shall mean the beneficiary or beneficiaries listed in the Schedule of Beneficial Interests this day executed and filed with the Trustee, or in the revised Schedule of Beneficial Interests, if any, from time to time executed and filed with the Trustee. The Trustee shall not be affected by any assignment or transfer of any beneficial interest until receipt by the Trustee of notice that such assignment or transfer has in fact been made and a revised Schedule of Beneficial Interests shall have been duly executed and filed with the Trustee. Any Trustee may without impropriety become a beneficiary hereunder and exercise all rights of a beneficiary with the same effect as though he were not a Trustee.B. DUTIES OF TRUSTEE. The Trustee shall hold the principal of this Trust for the benefit of the beneficiaries, and shall immediately pay over any income received to the beneficiaries in proportion to their respective interests.C. POWERS OF THE TRUSTEE. The Trustee shall have no power to deal in or with the Trust Estate except as directed by the beneficiaries. When, as, if and to the extent specifically directed by the beneficiaries, any one of the Trustees shall have the power to:(a) Buy or otherwise acquire, to hold, to exchange or partition, to sell at public or private sale, and to mortgage, pledge or otherwise encumber or dispose of all or any part of the Trust Estate; and to execute any and all deeds, promissory notes, mortgages and other instruments necessary or appropriate therefore;(b) To lease and sublease all or any part of the Trust Estate for such term(s) and on such terms as the Trustee deems advisable;(c) Contest or compromise any claims in favor of or against or in any way relating to the Trust Estate. Any and all instruments executed pursuant to such directions may create obligations extending over any periods of time including periods beyond any possible termination date of the Trust. Notwithstanding any provisions contained herein, no Trustee shall be required to take any action, which will, in the opinion of such Trustee, involve him in any personal liability unless first indemnified to his satisfaction. Any person dealing with the Trustee shall be fully protected in accordance with the provisions of Paragraph 7 hereof.D. TERMINATION. The Trust may be terminated any time by any one or more of the beneficiaries by notice in writing to the Trustee, but such termination shall only be effective when a certificate thereof signed and acknowledged by a Trustee hereunder shall be recorded in the appropriate official records of ______ County, State of ________. In any event, and the Trust shall terminate in any event twenty (20) years from the date hereof or at such maximum time as made be provided for by any applicable Rule Against Perpetuities, whichever is later. In case of any such termination, the Trustee shall transfer and convey the specific assets constituting the Trust Estate, subject to any leases, mortgages, contracts or other encumbrances on the Trust Estate, to the then beneficiaries as tenants in common in proportion to their respective interests hereunder.E. RESIGNATION AND APPOINTMENT OF SUCCESSOR TRUSTEES. Any Trustee hereunder may resign by written instrument signed and acknowledged by such Trustee and recorded as is stated above in paragraph “D.” Succeeding or additional Trustees may be appointed or any Trustee may be removed by an instrument or instruments in writing signed by all the beneficiaries, provided in each case that such instrument or instruments, or a certificate signed by any Trustee naming the Trustee or Trustees appointed or removed, and in the case of any appointment, the acceptance in writing by the Trustee or Trustees appointed, shall be recorded as stated in paragraph “D” above. Upon the appointment of any succeeding or additional Trustee, the title to the Trust Estate shall thereupon and without the necessity of any conveyance be vested in said succeeding or additional Trustee jointly with the remaining Trustee or Trustees, if any. Each succeeding and additional Trustee shall have the rights, powers, authority and privileges as if named as an original Trustee hereunder. No Trustee shall be required to furnish bond.F. This trust shall not be administered by any Court.G. AMENDMENT. This Declaration of Trust may be amended from time to time by an instrument in writing signed by all the beneficiaries and acknowledged by one or more of the beneficiaries, provided in each case that the instrument of amendment, or a certificate by any Trustee setting forth the terms of such amendment, shall be recorded with the Registry prior to the amendment being effective as to any party who does not have actual notice thereof.H. TRUSTEE LIABILITY; RELIANCE OF PURCHASERS AND OTHERS. No Trustee hereunder shall be liable for any error of judgment or for any loss arising out of any act or omission in good faith, but shall be responsible only for his/her own willful breach of trust. No license of court shall be requisite to the validity of any transaction entered into by the Trustee. No purchaser, transferee, pledgee, mortgagee or other lender shall be under any obligation to see to the application of the purchase money or of any money or property loaned or delivered to any Trustee or to see that the terms and conditions of this Trust have been complied with. Every agreement, lease, deed, mortgage, note, or other instrument or document executed or action taken by any one Trustee appearing as a Trustee hereunder from the appropriate public records as stated in paragraph “D” above, shall be conclusive evidence in favor of every person relying thereon or claiming thereunder that at the time of the delivery thereof or of the taking of such action this Trust was in full force and effect, that the execution and delivery thereof or taking of such action was duly authorized, empowered and directed by the beneficiaries, and that such instrument or document or action is valid, binding and legally enforceable. Any person dealing with the Trust Estate or the Trustee may always rely without inquiry on the certificate signed by any Trustee appearing as a Trustee hereunder from the records of the Registry as to whom is the Trustee or whom are the Trustees or the beneficiaries hereunder, or as to the authority of the Trustee to act, or as to the existence or non-existence of any fact or facts which constitute conditions precedent to acts by the Trustee or which are in any other manner germane to the affairs of the Trust.I. NO PERSONAL LIABILITY. No Trustee or beneficiary of this Trust shall be held personally or individually liable for any of the obligations incurred or entered into on behalf of the Trust and each person who deals with the Trustee shall look solely to the Trust Estate for satisfaction of any claims which such person may have against the Trust.J. DIVISION AMONG TRUSTEES. In the event that there are multiple trustees herein, in the event of any division between the trustees as to acts to be taken herein, the majority of trustees shall control. In the event that the trustees are evenly divided, the vote of the longest serving trustee shall be decisive.K. APPLICABLE LAW. The terms of this trust shall be determined as is provided by the laws of the state of ________.Dated: ___________________________________________________________________TrusteeSTATE OF _________COUNTY OF _________________________, being duly sworn states that they executed this instrument for the purposes stated herein.___________________________________________________Notary PublicMy Commission Expires: ___________________Declaration of Nominee TrustReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a standard declaration for a nominee trust. Feel free to modify it to fit your circumstances.1. Make multiple copies. Keep one to file with the trust documents with a registry of deeds, as required. Keep another with the transaction file.
If an estate has been in probate eleven years and is now being disbursed can a beneficiary collect interest?
Any interest that was earned from the estate over that time will be included in the payout. The trustees will have invested the money and the interest accumulated.
Revocable Trust?
Revocable Trust(Download)______________, referred to herein as SETTLOR, and _____________, referred to herein as TRUSTEE, (the singular term “TRUSTEE” shall refer to multiple TRUSTEES if multiple TRUSTEES are appointed) in consideration of the covenants and undertakings herein agree:ARTICLE ICONVEYANCE OF PROPERTY TO THE TRUSTEESETTLOR herewith assigns and conveys to the TRUSTEE, the property described in Exhibit “1” hereto. All of said property, together with any income, accessions and additions herein, shall be held by the TRUSTEE in trust for the purposes set forth in this revocable living trust.ARTICLE IIREVOCATIONSETTLOR hereby reserves the right to revoke this trust at any time, by written instrument. Revocation shall be effective upon mailing or delivery to the TRUSTEE of a notice of revocation.TRUSTEE may resign upon ____ days prior written notice to the SETTLOR. For purposes of this agreement, notices shall be delivered as follows:TO SETTLOR____________________________________________________________________________________TO TRUSTEE_________________________________________________________________________________ARTICLE IIISUCCESSORS TO THE TRUSTEE. ADDITIONAL TRUSTEESThe SETTLOR during his lifetime may from time to time add additional TRUSTEES by notice to the then existing TRUSTEES. In the event there are multiple TRUSTEES, the majority shall in any matter in which the TRUSTEES disagree control. In the event that the TRUSTEES are evenly divided in the actions to be taken, the TRUSTEE with the longest tenure of service shall cast an additional vote to determine the matter.In the event that any TRUSTEE resigns or is unwilling or incapable of acting, during the SETTLORs lifetime, the SETTLOR shall name additional or replacement TRUSTEES. After the SETTLORS death, _____________ shall name the replacements for any TRUSTEES who resign or are unwilling or incapable of acting. If ________ _______ is unwilling or incapable of acting, _____________ shall name the same. In the event that _____________ shall be unwilling or incapable of acting, the Court having jurisdiction over estates and trusts, located in ________ County, State of _________ shall name the successor TRUSTEES.ARTICLE IVWITHDRAWALS BY SETTLORThe SETTLOR may from time to time withdraw any portion of the corpus of the trust (whether capital or interest) by written notice to the TRUSTEE. The TRUSTEE shall be acquitted of all further responsibility for any assets so delivered upon receipt by the SETTLOR.ARTICLE VPOWERS OF THE TRUSTEEThe TRUSTEE shall have the power to do all acts, institute all proceedings and exercise all rights, powers and privileges that an absolute owner of the trust property would have, subject always to the discharge of trustees fiduciary responsibilities.I further direct that the TRUSTEE shall act without bond. Further, this TRUST shall be administered without the necessity for an administration thereof to be through the court system.No entity dealing with the TRUSTEE shall be required to investigate or to confirm the TRUSTEEs authority to enter into any transaction or to administer the application of the proceeds of any transaction.ARTICLE VICOMPENSATION OF TRUSTEEIf the TRUSTEE is an individual, then the TRUSTEE shall serve without compensation, but with reimbursement for reasonable and ordinary expenses. Nevertheless, the TRUSTEE if an attorney shall be entitled to compensation for legal services rendered to the trust, or if an accountant, for accounting services rendered to the trust.If the TRUSTEE is a corporation or banking entity, it shall be entitled to customary, reasonable and ordinary charges and expenses incurred in rendering services to the estate.ARTICLE VIDISPOSITION OF TRUST PROCEEDSAfter paying the necessary expenses incurred in the management and investment of the trust estate, including compensation as provided for herein, the TRUSTEE shall accumulate the same during the lifetime of the SETTLOR.After SETTLORs death the TRUSTEE shall distribute the net income of the TRUST the following manner:_________________________________________________________________Should any beneficiary named above die, the TRUSTEE shall distribute the net income to the lineal descendants of the beneficiary. If any beneficiary dies and is not survived by lineal descendants, the distributions from the TRUST shall be adjusted to pro-rata increase all other shares.ARTICLE VIIINVASION OF PRINCIPALAfter SETTLORs death, the TRUSTEE may apply so much of the principal of the trust for the use of the beneficiaries at such time or times as in trustees discretion TRUSTEE may deem advisable for their health, education, support and maintenance. Any amounts so applied to the use of any beneficiary shall be charged against, or deducted from, the principal of any share then or thereafter set apart for said beneficiary.ARTICLE VIIINON-ASSIGNABILITY OF THE TRUST PROCEEDSThe interest of the beneficiaries of this trust shall not be assignable, and beneficiaries shall not have the right to pledge, assign, convey, or otherwise transfer, lien or encumber any portion of the income or principal of the trust. All payments provided for by the beneficiaries herein shall be made directly to them or their guardians as is provided herein.ARTICLE VIIIDISTRIBUTIONS TO MINOR OR INCOMPETENT BENEFICIARIESThe TRUSTEE in his discretion may make payments of income or principal to any minor or incompetent beneficiary by paying the same to the minor or incompetents guardian, or to the person having control over the minor or incompetent, or by direct expenditure for the benefit of the minor or incompetent. However, the TRUSTEE may also pay an allowance in such amount as he may fit from time to time to the minor or incompetent. Further, in the discretion of the TRUSTEE the distributions for a minor or incompetent beneficiary may be accumulated and shall thereupon be paid to the minor or incompetent upon their disability being removed. Any payment under this Section shall operate as a full discharge of the TRUSTEE as to such payment.ARTICLE VIIIACCOUNTINGSThe TRUSTEE shall, after the death of the SETTLOR provide a semi-annual accounting to all competent, adult beneficiaries detailing the transactions, if any, of the trust. The same shall not be required to be audited, although the TRUSTEE may, in his sole discretion, may cause an audit to be performed from time to time.ARTICLE IXLIQUIDATION OF TRUSTIf at any time the total of the principal and income of the trust is less than $ __________, the TRUSTEE, may in his absolute discretion, close out the trust by paying the proportionate shares of each beneficiary to them. The TRUSTEE shall at that time deliver a final accounting to each beneficiary. Upon payment, the TRUSTEE shall be discharged from all further duties.ARTICLE XPERPETUITIES SAVINGS CLAUSENotwithstanding anything to the contrary herein contained, the trust created by this agreement shall cease and terminate as is provided in Section IX, 21 years after the death of the last survivor of trustors and all issue of trustors living at the date of this agreement.ARTICLE XIDISTRIBUTION OF DIVISION IN KINDOn any distribution from the trust, whether it be an ordinary distribution or one of principal, or a final distribution, the TRUSTEE may apportion and allocate the assets of the trust estate in cash and partly in kind, in TRUSTEEs discretion. The valuation, whether based on an appraisal, or not, made by the TRUSTEE shall be binding on the beneficiaries.ARTICLE XIILITIGATION OR COMPROMISE OF CLAIMSThe TRUSTEE may compromise, or abandon, at TRUSTEEs option any claim or claim against the trust, or subject the same to arbitration. Or, the TRUSTEE, in his absolute discretion, may litigate any claim in favor of or against the estate.ARTICLE XIIINOTICE OF EVENTSUntil the TRUSTEE receives notice of any death, birth, marriage, or other event on which the right to receive distributions is based, the TRUSTEE shall incur no liability for any disbursements or distributions made in good faith. This clause shall not prevent the TRUSTEE from seeking restitution of any payments made in error in his discretion.ARTICLE XIVDEFINITIONS- GOVERNING LAWThe words “child”, “children”, “descendants” and “issue” shall include children legally adopted and the lawful descendants of such adoptees.This trust shall be governed by the laws of _________.ARTICLE XVSEVERABILITYIf any provision herein is found by a court of competent jurisdiction to be invalid, the remainder shall govern.Dated: __________________________________________________________________________________STATE OF _________COUNTY OF _________________________, being duly sworn states that they executed this instrument for the purposes stated herein.___________________________________________________Notary PublicMy Commission Expires: ___________________Revocable TrustReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a standard revocable trust document. Feel free to modify it to suit your purposes.1. Make multiple copies. Keep extras for filing with any registry of deeds if required. Keep a copy with the transaction file.
What are duties of the Trustee in the AME Church?
It's mainly a state matter. Churches are usually recognized as an incorporated legal entity by the state. Often, the state requires that incorporated legal entities have trustees, which are the board that conducts the legal affairs of the church -- hold title to property, sign contracts, etc. So, many churches have opted to elect a board of trustees. Other churches will say that biblically there is no such church officer as trustee, so many churches believe that having trustees puts church organization out of alignment with scripture. However, a church does not need to elect trustees to fulfill the state requirement. All it has to do is appoint someone (it could be an elder board) to act as trustees in the eyes of the state. Some will argue that the elders have responsibility for spiritual matters and ministry of the word, so being a trustee is outside their area of expertise. No problem -- all the elders need to do is retain the role of trustee in the eyes of the state, but appoint members with expertise in buildings, property, etc, to advise them. They could even empower them with decision making. Bottom line is that a state usually requires an incorporated entity to have trustees, so many churches formalize that in their bylaws.
Does the act of writing checks for bills for your elderly parent constitute your being the appointed guardian or trustee for your parent and make you responsible for all debts after the parent dies?
No it does not, not in any state.
