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When a trustor is established does a trustor have the ability to change the trustee in a deed of trust?
A trust is established by a Declaration of Trust. The trustee is the person appointed to hold title to and manage the trust property. The declaration contains all the powers of the trustee and the provisions of the trust. You must review it to determine if and how the trustee can be terminated and a new trustee appointed.
Is there a simple way to to change a trustee of a land trust in KY if the land trust gives authority to the beneficiaries and I am the only beneficiary?
You must look to the trust document to determine how you make a change in the trustee. You must follow the provisions in the trust.
What if a trustee is forced to change a trust due to alzheimer's or dimentia?
A trustee cannot make changes to a trust unless they were given that authority in the trust instrument. If they were not given that authority then the terms of the trust can only be changed by a court of jurisdiction.
How can you change the trustee on your trust?
You need to review the trust document to determine whether you have that power and how it must be exercised.
Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
How can a trustee in a will be changed?
A trust set forth in a Last Will is called a testamentary trust. While the testator is living they can change the trustee in their testamentary trust simply by executing a codicil and attaching it to the Will. However, once the testator has died, only the court can appoint a new trustee if a new trustee becomes necessary and a successor was not named in the Will.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can a trustee change the distribution of a trust after the other trustee dies?
No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.
Can there be a trustee and beneficiary to an irrevocable trust?
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.
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 name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
