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There should always be provisions that the trustee must provide periodic accountings to the trustor and the beneficiaries. There should be at least annual accountings where the trustee must account for every cent coming into the trust and every cent going out. If the trustee refuses then you should petition the court to compel the trustee to provide an accounting ASAP.
What else can I help you with?
What does TTEE mean?
TTEE is an abbreviation for "trustee." The trustee on a trust or on a other deposit account controls the assets in the trust or the funds in the account.
Can a trustee put their name on bank accounts belonging to the trust?
Yes. The name of the trust and the name of the trustee (as trustee) should appear on the account since the trustee is the human who must conduct the business of the trust according to its terms. The account should not be opened in the trustee's name as an individual.
Can you take a loan from a trust account?
It depends on the terms of the trust. If the terms permit it, and the trustee agrees, yes. If not, and/or the trustee does not agree, then no.
Can trust account be sued?
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.
Who can sign on a irrevocable trust account?
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
What kind of federal penalities are faced with trust fund recoveries?
You can be liable for all unpaid monies, plus rather high interest rates on those monies. Note that if you're a business trustee and don't pay the trust fund tax, you can be held PERSONALLY liable for these monies.
What rights do beneficiaries have regarding a trust?
Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
Should a Trustee for a family trust be paid?
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
Should all the beneficiary's have their names on bank accounts owned by a trust?
Generally, no. The trustee is the only person who has the right to act for the trust unless the trust document states otherwise. The beneficiaries names should not be on the trust account. Managing the account is the responsibility of the trustee.
How do you create a trust. Is it created when money or title is delivered to trustee?
A trust is created for a beneficiary or organization. The funds for such are already deposited into a special account before the trust is created. Funds cannot be drawn out of that account except in accordance with the trust rules or by its originator, and then only under certain conditions.So, no, the trust is not just created when the funds or title is delivered to the trustee - it has to be set up long before that occurs.AnswerA trust is created by a Declaration of Trust that sets forth the provisions of the trust. A trustee is named in the trust document and amendments and trustee resignation/appointments must be executed in writing and filed with the original trust document. The trustee is the entity that has the power to manage the trust property on behalf of the trust. The trustee holds legal title to the trust property. Bank accounts and investment accounts can be titled in the name of the trust and the entity that holds the account will require proof of both the trust and the identity of the trustee. If the trust is to hold real property, it must be transferred to the trustee, i.e., to John Kennedy as trustee of the Boston Realty Trust as set forth in a Declaration of Trust dated January 1, 2010.
What if a trustee of an irrevocable trust is not being truthful about funds being spent can the trustee be removed?
The trustee should be required to file an account every year that can be reviewed by the beneficiaries of the trust. They have an interest in both the trust property and that the trustee not waste, misuse or steal any of the trust assets. If the trustee is being secretive then the trust should be reviewed for any provision that address the removal of the trustee and the appointment of a successor. If there are no such provisions IN the trust document, a petition should be brought to a court of equity. A judge can appoint a new trustee. Any trustee who refuses to be accountable to the beneficiaries is not "trustworthy".
Can you deposit a check written to a trustee in your personal account?
No, you typically cannot deposit a check made out to a trustee into your personal account. Checks written to a trustee are intended for the trust and should be deposited into the trust's account. Doing otherwise could violate fiduciary duties and legal obligations associated with managing the trust's assets. It's best to consult with a financial advisor or attorney for specific guidance.
