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∙ 14y ago
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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.
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.
Do trustees hold legal titles to trust assets?
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.
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.
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.
How do i find out if I am named in a trust?
Ask one of the trustees.
How many trustees should a family trust have?
boo
What is a group of companies run by trustees?
It is known as a Trust.
Is a living trust taxable?
Income of a living trust is taxable to the trustees, if that's what you mean.
When irrevocable trust has 2 trustees can 1 of the trustees close the account?
That depends on the terms of the trust and the law of the state where the trust was created. In general, when there are more than one fiduciary acting on either a trust or estate a majority of the fiduciaries must act together. When there are two, action has to be unanimous. Many trusts that appoint two trustees avoid this problem of unanimity by providing that each trustee may operate independently of the other. If the trust is written with this provision then one of the two trustees may close the trust account on his/her own.
Do co-trustee names have to be on the quitclaim to transfer property out of a family trust?
Yes. A trust can only act through its trustees. The trust document should always be drafted by an attorney who specializes in trust law in your jurisdiction. The trustees must have the power to transfer real estate clearly expressed in the trust document. They should be listed in the deed as the grantor and as the trustees of the particular trust. They must sign the deed as trustees. Trust law is extremely complicated and actions involving real estate should be supervised by an attorney. Errors made by non-professionals can be costly to correct.
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.
